NEW YORK, June 10, 2022 /PRNewswire/ — The latest Music Streaming Market research report by Technavio infers that the growth in mobile advertisement spending is driving this market’s growth. The market is segmented by end-user (individual users and commercial users), type (free and paid) and geography (North AmericaAPAC, EuropeMEA, 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.
Resulting in market growth of USD 24.42 billion at a CAGR of 14.83%, read additional information about the market, Get sample report.
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Alphabet Inc.
- Apple Inc.
- Comcast Corp.
- Deezer SA
- iHeartMedia Inc.
- Microsoft Corp.
- Samsung Electronics Co. Ltd.
- Sirius XM Holdings Inc.
- Sony Corp.
- Spotify Technology SA
View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by End-User:
- Individual Users:
- Individual consumers’ share of the music streaming industry will expand significantly during the projection period. Individual consumers are expected to have a large proportion of the global music streaming market during the projected period, owing to growing use of broadband infrastructure and mobile devices globally.
- Commercial Users
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Regional Market Outlook
North America will account for 44% of the market’s growth. In North America, the United States is the most important market for music streaming. The market in this region will increase at a quicker rate than the market in other regions.
Over the projected period, the enormous portfolio of music subscribers handled by music streaming service providers will assist the expansion of the music streaming market in the region.
Apart from regions, if we look at the country-wise market growth, the US, ChinaUK, Germanyand Japan will contribute to the highest market growth.
Download our sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends, Driving the Music Streaming Market
- Market Driver:
- The increase in mobile advertising spending is one of the primary elements driving the music streaming market’s rise. One of the key driving causes for the rise of digital music is the rising adoption of smartphones and tablets around the world. Vendors also provide free mobile device download and streaming services. Mobile advertising is one of the most important sources of revenue for digital music service providers, which helps the music streaming market develop.
- Market Challenge:
- One of the major roadblocks to the music streaming market’s growth is fierce competition and variable user preferences. Markets in emerging countries like India are extremely fragmented, with a large number of international and domestic companies. As a result, there is fierce competition among mobile app vendors, resulting in price wars. Because cost is one of the primary differentiating criteria for customers in these countries, pricing wars have a considerable negative impact on market growth.
Find additional information about various other market drivers & trends mentioned in our sample report.
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