LONDON--(BUSINESS WIRE)--The music on demand market size is expected to post a CAGR of over 12% during the period 2018-2022, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in the year-over-year growth. Request a free sample report
The growth in mobile advertisement spending is one of the major reasons for the growth of the music on demand market. Mobile advertising is currently one of the most popular methods of advertising as it is driven by the increased penetration of tablets, smartphones, increasing Internet penetration, and the development of various mobile apps. In 2017, around 55% of the total global population had access to the Internet. Growing adoption of mobile devices and the subsequent increase in mobile application downloads have made songs and albums available in-app for streaming and downloading. Furthermore, these apps also provide easy payment options for subscribers of premium services, which attracts more customers. Users are required to fill in their personal details, which helps vendors retain a larger customer base through targeted advertising.
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As per Technavio, the increase in the adoption of cloud services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Music on Demand Market: Increase in the Adoption of Cloud Services
The increase in the adoption of cloud services is one of the major trends being witnessed in the global music on demand market. Cloud computing provides consumers with legal access to music online and is thus rapidly being adopted by music companies. It also enables subscription users to access the digital content stored in remote servers. Various companies such as Apple, Google, and Amazon primarily focus on cloud services as a remote locker for downloaded tracks. Furthermore, cloud computing is rapidly being adopted by music companies because it provides users legal access to online music even from remote servers, irrespective of the type of device used. Therefore, various vendors in the market are exploring this field to integrate lyrics and sing-along features into the audio file.
“Apart from the increase in the adoption of cloud services, other factors such as the growing use of wearable technology, and the emergence of multi-room streaming will have a significant impact on the growth of the music on demand market value during the forecast period,” says a senior analyst at Technavio.
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Music on Demand Market: Segmentation Analysis
This market research report segments the music on demand market by type (music streaming and radio on demand), end-user (individual users and commercial users) and geographical regions (APAC, EMEA, and the Americas).
The Americas held the largest share of the market in 2017, followed by the EMEA and APAC, respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period. This is mainly due to the growth of commercial infrastructure such as hotels, retail stores, and restaurants in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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