LONDON--(BUSINESS WIRE)--The music streaming market is expected to grow by USD 7.47 billion, progressing at a CAGR of over 19% during 2020-2024. According to the report, the spread of the COVID-19 pandemic will have a neutral impact on the market. The market demand however continues to grow at a steady rate despite the spread of the pandemic. The imposition of lockdowns increased the demand for music streaming services for the short-term. Besides, the network operators across the world are focusing on improving their mobile offerings, and data plans to allow users access to high-quality music at a nominal price. Moreover, with several measures in place to control the illegal distribution of music, online streaming services are becoming a popular choice among consumers worldwide.
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The music streaming market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The music streaming market is driven by the increasing number of subscription services. Online music streaming applications such as Spotify, SoundCloud, and Wynk are linked to social media platforms such as Facebook. This allows users to share music and playlists with their friends. This is increasing the probability of subscriptions for music streaming service providers. Besides, online music streaming applications and service providers are adopting the freemium business models. This encourages free users to opt for premium services to access unlimited and uninterrupted content. In addition, other factors such as the rise of wearable technology are expected to trigger the music streaming market toward witnessing a CAGR of over 19% during the forecast period.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Music Streaming Market Participants:
Alphabet Inc. operates its business through segments such as Google and Other Bets. The company offers Google Play.
Apple Inc. operates its business through segments such as iPhone, iPad, Mac, Wearables, Home and Accessories, and Services. The company offers Apple music.
Comcast Corp. operates its business through segments such as Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks. The company offers XFINITY.
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Music Streaming Market 2020-2024: Segmentation
Music streaming market is segmented as below:
- Individual Users
- Commercial Users
- North America
- South America
Based on the end-user, the market saw maximum growth in the individual users' segment. The segment is driven by the proliferation of smartphones and the increased penetration of low-cost, high-speed internet across the world.
Similarly, APAC presented significant opportunities for vendors with a 54% market share in 2019. The growth of the market in the region is driven by the increasing spending power of consumers.
Get more insights about the global trends impacting the future of the music streaming market
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