July 24, 2022 19:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
Pune, INDIA
TOKYO, July 24, 2022 (GLOBE NEWSWIRE) — The Global Music Streaming Market size Accounted for USD 29,563 Million in 2021 and is predicted to be worth USD 100,734 Million by 2030, with a CAGR of 14.6% during the Forthcoming Period from 2022 to 2030.
The rise of OTT platforms, the prevalence of audio streaming apps, and widening digitalization are all providing growth potential for the music streaming market. With the elevated adoption of cloud computing and smartphone, the market is evolving. The growing interest in both music streaming and video streaming content categories will fuel market expansion even more. The increasing number of service providers, combined with the existence of various subscription options, is propelling market growth in a positive way. Furthermore, three of the most common music streaming software available in the market is Apple Music, Amazon Music, and Spotify.
Music streaming is a method of delivering audio content to a device without the user having to download it from the Internet. Streaming is an alternative to file downloading, wherein the end user receives the entire file for material before watching and listening to it. Music streaming platforms enable customers to access and listen to podcasts, live performances, music videos, and broadcast audio. These systems include a number of features, including easy access to applications, song recommendations, websites, and automatic playlist generation. These services enable users to download tracks for offline listening. Some of the more modern systems allow users to upload their personal custom playlists to the cloud, which is referred to as the music vault.
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Global Music Streaming Market Growth Aspects
The enormous growth of the music streaming market, combined with increasing urbanization, is supporting the global expansion of the online streaming industry. The increasing popularity of streaming technologies, as well as the advancement of modern devices such as smartphones, are expected to drive market expansion over the projected timeframe. Music streaming solutions include a platform that enables consumers to listen to music, and podcasts, and see live performances. Furthermore, these platforms offer advantages like music recommendations, smart playlist customization, and easy accessibility on smartphones app and websites, which should attract the interest of particular consumers over the course of the anticipated timeline.
The global music streaming market is predicted to continue expanding due to a rise in user and music creative demand for online streaming content. Additionally, the development of music streaming systems such as Apple Music, Pandora, Tidal, Spotify, and Amazon Music has resulted in a significant reduction in music piracy. Furthermore, music organizations such as Warner Music Group, Sony Music Entertainment, Universal Music Publishing Group, and Island Records are significantly investing in performers and repertoire in order to develop a strong global presence. As a result, all of these variables will contribute to the growth of the worldwide music streaming market growth in the coming years. Furthermore, the emergence of 5G, machine learning, virtual reality technology, and deep learning are a few other factors that are expected to fuel the global music streaming market growth.
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Integration of Artificial Intelligence and Machine Learning into Streaming Platforms Is Boosting the Market Growth
The music industry is continuously witnessing the technologies like artificial intelligence and machine learning via recommendation systems. Furthermore, music streaming companies such as Pandora, Amazon, Spotify, and Apple are elevating their music streaming offerings by using AI. This is predicted to benefit music streaming services in altering the music industry because it aids in the audio exploration based on customer profiles. However, by integrating AI and ML alongside human curation, performers can become stronger over time, resulting in unprecedented levels of fine-tuned personalization. The application of Ml and Ai technologies is expected to assist musicians in creating the high-quality, professional-sounding soundtracks, which is expected to provide a huge opportunity for the music streaming industry.
Market Segmentation
The global music streaming market has been segmented by Acumen Research and Consulting based on service, content type, platform, and end-use. By service, the market is separated into on-demand streaming, and live streaming. By content type, the market is divided into audio, and video. By platform, the market is classified into app, and brewers. By end-use, the market is categorized into individual, and commercial.
Global Music Streaming Market Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global music streaming market. According to the music streaming market forecast, Asia-Pacific is expected to have considerable growth in the market throughout the projected year. Acceptance of new technologies, as well as increasing smartphone and low-cost internet usage, are driving regional market expansion. Furthermore, the music streaming market in China and India has enormous potential due to the increasing popularity of free music streaming apps like Saavn, JOOX, Gaana, and others. Also, in order to preserve the region’s volume-driven sector and attract and keep consumers, several providers offer freemium streaming services, which fuels regional growth.
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Music Streaming Market Players
Some of the prominent music streaming market companies is Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, Sound Cloud Limited, Deezer, and Tencent Music Entertainment Group.
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