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IMARC Group’s report titled “Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.28% during 2023-2028.
Online music streaming platforms allow users to listen to music, audio, and podcasts in real time through an internet connection without downloading them. Some popular online music streaming applications include Tidal, Spotify, YouTube Music, Apple Music, Amazon Music Unlimited, Mixcloud, Google Play Music, Wynk Music, SoundCloud, Deezer, Pandora, and Gaana music. They offer on-demand services wherein audio media files are prearranged and transmitted to televisions (TVs), smartphones, computers, and tablets. In addition, they support autoplay and on-demand songs, provide high-quality audio and lyrics, enable users to share podcasts and music, and offer downloads for songs. Owing to these properties, online music streaming is gaining immense popularity among individuals across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/online-music-streaming-market/requestsample
Online Music Streaming Market Trends and Drivers:
The market is primarily driven by the increasing popularity of online music streaming platforms and the growing expenditure capacities of consumers. Besides this, the incorporation of smart devices, including Google cast and Alexa by Amazon, to stream music online with instant playback and hands-free control features is also contributing to the market growth. In addition, the rising penetration of the internet and significant expansion of the media and entertainment industry are contributing to the market growth.
Moreover, the integration of 5th generation (5G) mobile networks, machine learning (ML), virtual reality (VR), and artificial intelligence (AI) represent another major growth-inducing factor. Besides this, the coronavirus disease (COVID-19) pandemic has escalated online video and audio music streaming during the lockdown, thus, propelling the market growth. Additionally, the extensive use of online music streaming applications by gyms, cafes, and restaurants pubs is providing a positive thrust to the market growth. Furthermore, strategic partnerships and mergers and acquisitions (M&A) among leading market players to extend their company presence are also creating a favorable market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service:
- On-demand Streaming
- Live Streaming
Breakup by Revenue Model:
- Subscription
- Non-subscription
Breakup by Platform:
- App
- Browser
Breakup by Content Type:
- Audio
- Video
Breakup by End User:
- Individual
- Commercial
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Amazon.com Inc
- ANGHAMI
- Apple Inc.
- Gamma Gaana Ltd. (The Times Group)
- iHeartMedia Inc.
- Musixmatch
- Saavn Media Pvt Ltd.
- SoundCloud Ltd.
- Spotify AB
- Tencent Music Entertainment Group
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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