The Global Music Streaming Market size is expected to reach $60. 5 billion by 2026, rising at a market growth of 16% CAGR during the forecast period. The transmission of music in a compressed state by utilizing the internet is termed Music streaming.
New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Music Streaming Market By Content Type, By Platform, By Service Type, By End User By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06021502/?utm_source=GNW
It can be recovered and played, according to the user’s time and convenience without downloading it manually. The music streaming services do not occupy any space in the storage device. It also offers a person to access millions of songs as per their choice. There is a rising graph of internet users and increasing usage of smartphones and laptops in the world that are contributing to the growth of the market during the forecast period. Additionally, the rising digitization and customer preference to adopt advanced consumer electronic products are some of the major reasons that will fuel the market during the forecast period.
Furthermore, the availability of unique and dormant music according to the user’s time and mood is another reason to fuel the growth of the market during the forecast period. Moreover, some technological development like growth in voice recognition technology to improve consumer experience is another reason behind the growing market of streaming music during the forecast period. Although, growing piracy in the world is acting as a restraint of the market. Additionally, low profit, expenditure on the licensing process, and high competition are some of the major factors that restrict the growth of the market during the forecast period.
Almost every country has been affected by the spread of the COVID-19 virus and declared a lockdown in their country. This pandemic resulted in an increasing number of users, who are engaged in live streaming through platforms like Instagram and YouTube. According to Tencent Music Entertainment, the revenue from online music subscriptions is increased by 70% in the first quarter of the year 2020. In addition, online music paying users have increased to 42.7 million with a year-over-year increase of 50%. Furthermore, the increasing popularity of live streaming and the accessibility of the users to local content on such online platforms are also contributing to the growth of the market.
By Content Type
Based on Content Type, the market is segmented into Audio and Video. The audio category of the market has dominated and accounted for the major revenue share in 2019. This is owing to increasing the number of commercial users, which includes cafes, restaurants, pubs, and Gyms, who plays a song on their commercial places for entertainment. Many customers prefer to listen to music while working, exercising, commuting, and doing household work is acting as a driver of the market.
Based on Platform, the market is segmented into Apps and Browsers. The app category has dominated and computed for the largest revenue share of the market in 2019. This category is estimated to continue its dominance during the forecast period. This thing has resulted in the availability of millions of tracks on an app that can be accessed for free. Many users also buy some songs that are available on these apps.
By Service Type
Based on Service Type, the market is segmented into On-demand Streaming and Live Streaming. The On-demand Streaming market dominated the Global Music Streaming Market by Service Type 2019. The Live Streaming market is expected to witness a CAGR of 16.9% during (2020 - 2026).
By End User
Based on End User, the market is segmented into Individual and Commercial. The commercial end-user category includes places like salons, pubs, restaurants, gyms, and cafes. This category is anticipated to grow remarkably during the forecast period due to the rising need to offer better ambiance to attract customers. Furthermore, music keeps the employees happy and maintains their energy while doing their respective work. Hence, commercial place owners are mostly adopting music streaming services.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America has the largest revenue share in the market in 2019. The regional market is anticipated to maintain its dominance during the forecast period. The presence of main players of the market like Apple, Amazon, Pandora, and Google is one of the main reasons that are driving the market in that region. Furthermore, in Asia-Pacific, the market is also anticipated to offer a freemium model of streaming services to support the volume-driven market in this region and maintain the existing customers and attract new potential customers.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. and Apple, Inc. are the forerunners in the Music Streaming Market. Companies such as SoundCloud Ltd., Amazon.com, Inc., iHeartMedia, Inc., Deezer S.A., Spotify Technologies S.A., Sirius XM Holdings, Inc., Aspiro AB, and Tencent Music Entertainment Group are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Apple, Inc., Google, Inc., Tencent Music Entertainment Group (Tencent Holdings Ltd.), Spotify Technologies S.A., SoundCloud Ltd., Sirius XM Holdings, Inc. (Pandora Media, Inc.), iHeartMedia, Inc. (Thomas H. Lee Partners), Deezer S.A. (Access Industries Holdings LLC) and Aspiro AB (Tidal).
Recent strategies deployed in Music Streaming Market
Partnerships, Collaborations, and Agreements:
Dec-2020: Sirius XM collaborated with 88rising. The collaboration aimed to launch the channel of both the companies together. Under this collaboration, Pandora launched a complementary 88rising Radio station that includes selected tracks and exclusive artist audio messages from the Sirius XM channel.
Nov-2020: Deezer partnered with Orange Egypt. The partnership allowed customers in Egypt to sign up for Deezer Premium with unlimited access to music and podcasts. It also offers new users one month of Deezer Premium for free.
Nov-2020: Tencent renewed its agreement with Merlin. Under this renewal agreement, both the companies aimed to explore ways to drive the creation of music value, and improve the music experience for TME’s users.
Nov-2020: Tencent signed a partnership agreement with Wave. The partnership helped Tencent Music Entertainment Group to avail air Wave experiences in China across all of its platforms including Kugou Music, QQ Music, Kuwo Music, and WeSing.
Oct-2020: Pandora partnered with Chartmetric. In this partnership, the latter company’s Free and Premium tier have the former company’s 28-day unique listener counts, daily/lifetime station ads, and daily/lifetime stream counts available at the artist level and track level.
Sep-2020: Amazon Music came into partnership with Twitch. The companies announced the incorporation of Twitch’s live streaming feature into the Amazon Music app that enables fans to engage with artists in brand-new ways and move seamlessly between live streams and recorded music.
Sep-2020: Tidal collaborated with Maserati. This collaboration enabled Maserati to have the Tidal app pre-installed with a complimentary 12 or 3-month membership depending on the vehicle and improve the music experience while driving.
Sep-2020: Tidal partnered with MTN. The partnership enabled MTN subscribers to receive free 30-day access to Tidal and helped it to continue its expansion into the multi-genre world of African music. The Tidal membership includes high-quality music, concerts, videos, interviews, and more from top artists across the globe.
Jul-2020: Apple Music collaborated with Verzuz. The collaboration focused on availing the live battle of Verzuz and after the live battles, music fans can also realize the musical greatness by watching it on-demand.
Jun-2020: Deezer signed an agreement with Linkfire. The agreement helped Deezer to access data on what music listeners do after following one of its smart links to the streaming service.
May-2020: Spotify signed an agreement with an Indian record label, Saregama. It enabled Spotify to add more songs to its catalogue in India with the access to the songs by artists such as Lata Mangeshkar, Mohammed Rafi, Kishore Kumar, Asha Bhosle, and RD Burman among others.
Apr-2020: iHeartMedia partnered with Uno Radio Group. The partnership expanded the iHeartRadio brand into Puerto Rico. The Uno Radio group’s users can access to iHeartMedia’s leading content and programming including promotions and national contests. Additionally, iHeartMedia’s advertising partners got the opportunity to partner with Uno Radio Group’s stations on programs and advertising.
Apr-2020: Spotify partnered with Shemaroo. This partnership provided access to its music content library to Spotify users and give them access to a wide range of Indian music categories across languages from the house of Shemaroo.
Apr-2020: Spotify renewed its partnership with Warner Music Group. The deal improved Spotify’s music library in countries like India, making it more competitive against Apple Music and other streaming services.
Mar-2020: Tidal came into partnership with JLab. Under this partnership, JLab customers received 3 months free of Tidal Premium through its JLab headphones purchase. Tidal provides access to more than 60 million songs and helps in making music more accessible and enjoyable to consumers with JLab.
Acquisition and Mergers:
Nov-2020: Spotify acquired Megaphone. The acquisition helped advertisers and podcast publishers realize the full potential of podcasts. The companies aimed to achieve the power of the Megaphone Targeted Marketplace and making Streaming Ad Insertion available to third-party podcast publishers for the first time.
Feb-2020: Deezer acquired MUGO. This acquisition enabled Deezer to become a key audio streaming player in Mexico and accelerated its growth in the region.
May-2019: SoundCloud acquired Repost Network. This acquisition provided high-performing, emerging creators a seamless upstream to Repost Network’s invite-only tools and services like streaming distribution, analytics dashboards, content protection, and more.
Feb-2019: iHeartMedia acquired Athens. This acquisition allowed the company to use Radiojar’s tools to combine the seamless elements of broadcast radio and change these skillfully-produced listening experiences into other audio platforms including music streaming and podcasts, offering high-quality audio experiences more effectively and efficiently.
Sep-2018: Apple acquired Shazam. This acquisition provided users even more great ways to discover, experience, and enjoy music.
Product Launches and Product Expansions:
Dec-2020: Amazon updated its Music app for its Android users that bring the ability to stream music videos. This music streaming feature on Amazon Music is limited only to Amazon Music Unlimited paid subscribers.
Oct-2020: Apple unveiled a new TV channel, Apple Music TV. It includes new music videos and premiers, specially curated music video blocks, and live shows and events.
Aug-2020: Apple launched two new live global radio offerings on Apple Music. Apple Music Hits celebrates everyone’s favorite songs from the ’80s, ’90s, and 2000s, and Apple Music Country, limelight country music.
Jul-2020: Sirius XM launched its latest collection of exclusive radio channels dedicated to iconic musicians. Sirius XM’s new channels from Beastie Boys, Bob Marley, Coldplay, Michael Jackson, and Queen, plus the return of The Prince Channel, are available on the Sirius XM app, internet-connected devices, and smart speakers in the home.
Nov-2019: Amazon introduced the free version of its music streaming service along with a free advertisement-run plan for its Amazon Prime Music.
Sep-2019: Amazon Music launched the Amazon Music HD, a new tier of premium quality music. It supports songs in Ultra High Definition, the highest quality streaming audio available.
Feb-2019: SoundCloud introduced a new distribution tool. This tool enabled artists to distribute their music to other streaming services.
Jan-2019: Deezer introduced Radio By Deezer app. This subscription-free app provides instant access to 30,000 stations worldwide across music, live sports, news, and talk and all without additional adverts.
Mar-2019: Google launched its YouTube music app in India. The YouTube Music streaming and download service in India include popular Bollywood Hindi scores and other local-language music.
Scope of the Study
Market Segments covered in the Report:
By Content Type
By Service Type
• On-demand Streaming
• Live Streaming
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Amazon.com, Inc.
• Apple, Inc.
• Google, Inc.
• Tencent Music Entertainment Group (Tencent Holdings Ltd.)
• Spotify Technologies S.A.
• SoundCloud Ltd.
• Sirius XM Holdings, Inc. (Pandora Media, Inc.)
• iHeartMedia, Inc. (Thomas H. Lee Partners)
• Deezer S.A. (Access Industries Holdings LLC)
• Aspiro AB (Tidal)
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