Outlook on the Music Streaming Global Market to 2026 - Featuring Amazon, Apple and Spotify Among Others
DUBLIN, Jan. 13, 2021 /PRNewswire/ -- The "Global Music Streaming Market By Content Type (Audio and Video), By Platform (Apps and Browsers), By Service Type (On-demand Streaming and Live Streaming), By End User (Individual and Commercial) By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
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. 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.
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.
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