Global Music Streaming Service Market 2019-2023| 16% CAGR Projection Over the Next Five Years| Technavio
LONDON--(BUSINESS WIRE)--Nov 15, 2019--
The music streaming service market size is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by Technavio. 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 one of the major reasons for the music streaming service market growth. 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. This is 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 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.
Music Streaming Service Market: Increasing Introduction of Differentiated Music Streaming Services
Vendors are increasingly introducing differentiated music streaming services 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 their differentiated services when compared to other vendors. Other 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.
“Other factors such as the emergence of bundled services and the growing demand for cloud-based music streaming services will have a significant impact on the growth of the music streaming service market value during the forecast period,” says a senior analyst at Technavio.
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Music Streaming Service Market: Segmentation Analysis
This market research report segments the 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 music streaming service 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 several global companies partnering with local music companies in the region.
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Five Forces Analysis
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INDUSTRY KEYWORD: TECHNOLOGY INTERNET ENTERTAINMENT MUSIC
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