March 26, 2021 06:03 ET | Source: Research and Markets
Dublin, March 26, 2021 (GLOBE NEWSWIRE) -- The "Online Music Streaming Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global online music streaming market is anticipated to grow at a considerable CAGR during the forecast period. The growth of the market can be attributed to the rising number of digital platforms and the growing adoption of smart devices. Platforms offering users accurate song recommendation, playlist customization, and hassle-free accessibility on browsers as well as on mobile application is also a major driving factor for the market. Besides, increasing smartphone penetration and the rise in the number of service providers across the globe are positively impacting the online music streaming market. Likewise, the availability of regional content and the rising popularity of live streaming platforms are fueling the market growth.
The global online music streaming market is segmented based on service, content type, platform, end-user, and revenue model. Based on the service, the market is sub-segmented into on-demand online music streaming and live online music streaming. Based on the content type, the market is bifurcated into audio streaming and video streaming. Based on the platform the market is segmented into browsers and applications dry online music streaming. Further, based on end-users the market is segmented into residential and commercial. Based on the revenue model, the market is segmented into subscriptions and advertisements. The subscription revenue model is witnessing a lucrative growth rate owing to the increasing demand for hassle-free and ad-free experience by the users.
The global online music streaming market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to show significant growth in the market during the forecast period. The growth in the region is attributed to the increase in smartphone penetration and the rising adoption of smart devices in the region. Moreover, owing to the menace of piracy in developing countries, artists are opting for streaming services, hence fueling the market growth.
The key players of the global online music streaming market include Amazon.com, Inc., Apple, Inc., Google LLC., Spotify AB, Pandora Media, Inc., Deezer, SoundCloud Limited, Tidal (Aspiro AB), JOOX others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in May 2019, SoundCloud agreed to acquire leading rights management and distribution company, Repost Network. With this acquisition, SoundCloud will be able to provide tools and services such as streaming distribution, analytics dashboards, and content protection to high-performing and emerging creators.
The market study of the global online music streaming market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. the team collects facts and data related to the market from different geography to provide a better regional outlook.
In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts to bring more authenticity to reports.
Secondary Sources Include:
1. Global Online Music Streaming Market Research and Analysis by Service
2. Global Online Music Streaming Market Research and Analysis by Content-Type
3. Global Online Music Streaming Market Research and Analysis by Platform
4. Global Online Music Streaming Market Research and Analysis by End-User
5. Global Online Music Streaming Market Research and Analysis by Revenue Model
The Report Covers:
For more information about this report visit https://www.researchandmarkets.com/r/lxwfuq