The global music streaming service market is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period. Request a free sample report.
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Technavio has announced its latest market research report titled global music streaming service market 2019-2023. (Graphic: Business Wire)
The increasing preference for music streaming services is expected to drive market growth during the forecast period. Globally, the development of wired and wireless technologies and telecommunication standards such as 3G, 4G, and 5G have resulted in an improvement of Internet bandwidth, thereby supporting the adoption of music streaming services across the world.
Moreover, young consumers prefer free music through platforms such as YouTube, Spotify, and Pandora. Despite offering a paid subscription, Pandora has a large consumer base as its channels can be accessed for free and through almost all operating systems. Due to such features, the market for music streaming services is expected to showcase a positive outlook during the forecast period.
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As per Technavio, the increasing introduction of differentiated music streaming 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.
Global Music Streaming Service Market: Increasing Introduction of Differentiated Music Streaming Services
Vendors are increasingly introducing differentiated music streaming services in the global music streaming service markets such as easy accessibility on various platforms, auto playlist customization, and high audio quality. For instance, YouTube Music (a product of Alphabet) and Pandora are providing personalized recommendations to their users, which is one of the differentiated services compared to other vendors. Furthermore, players such as Apple and Amazon have synchronized their music streaming services on their respective hardware such as smart speakers, so customers do not have to install streaming software on their hardware systems. As a result of such advanced features, the market for music streaming is expected to show optimistic results during the forecast period.
“Apart from the increasing introduction of differentiated music streaming services, the emergence of bundled services and the growing demand for cloud-based music streaming services are some other factors that will drive market growth during the forecast period,” says a senior analyst at Technavio.
Global Music Streaming Service Market: Segmentation Analysis
This market research report segments the global music streaming service market by end-user (individual and commercial), by streaming service (paid music streaming service and free music streaming service) and geographical regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to global companies partnering with local music companies 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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