Technavio announces the release of its latest report on the music streaming market. The market is segmented by end-user (individual users and commercial users), type (free and paid) and geography (North America, APAC, Europe, MEA, and South America) The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Music Streaming Market: Key Findings
-- Music streaming market value to grow by USD 8.16 billion during 2021-2024. However, the market growth momentum is expected to decelerate at a CAGR at over 17% CAGR during the forecast period.
-- 58% of market growth to originate from APAC during the forecast period
-- Based on the end-users, the individual users segment will offer maximum opportunities for vendors during the forecast period
-- Music streaming market is expected to have a neutral impact due to the spread of COVID-19
Music streaming Market: Growth DriversGrowth in mobile advertisement spending is one of the prime factors driving the growth of the market. The increasing penetration of smartphones and high-speed internet has increased the growth of the global digital music industry. In 2020, mobile engagement soared as consumers across the world spend more time on online channels due to lockdowns caused by the COVID-19 pandemic. This growth in consumer inclination toward online channels is encouraging vendors to invest in mobile advertisements to target their audience with customized music services. These developments are expected to significantly contribute to the growth of the global music streaming market during the forecast period.
"Rise of wearable technology and licensing agreements with new revenue streams will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Music Streaming Market: Major Vendors
Alphabet Inc.Alphabet Inc. operates its business through segments such as Google and Other Bets. The company offers Google Play.
Apple Inc.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.Comcast Corp. operates its business through segments such as Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks. The company offers XFINITY.
Related Reports on Communication Services Include:Global Stock Music Market - Global stock music market is segmented by license model (RF and RM) and geography (North America, Europe, APAC, South America, and MEA).Get an Exclusive Free Sample Report
Global Recorded Music Market - Global recorded music market is segmented by type (digital, physical, and others) and geography (APAC, Europe, MEA, North America, and South America).Get an Exclusive Free Sample Report
About TechnavioTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactsTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: email@example.comWebsite: www.technavio.com/Report: www.technavio.com/report/music-streaming-market-industry-analysis
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