Music Streaming Market Size to Grow USD 22610 Million by 2029 at a CAGR of 16.6% | Valuates Reports
BANGALORE, India, Oct. 27, 2023 /PRNewswire/ -- Music Streaming Service Market Size is Segmented by Type (Software, Hardware), by Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Online Media.
The Music Streaming Service market is projected to grow from USD 8984.2 million in 2023 to USD 22610 million by 2029, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period.
Major factors driving the growth of Music Streaming Services Market:
Throughout the course of the projected period, the increasing use of smart devices and the adoption of digital platforms are anticipated to propel market expansion. Because of the appealing features that these services offer like automatic playlist customization, personalized song recommendations, and seamless accessibility across multiple applications and web browsers their popularity which includes websites that let users view music videos and listen to podcasts in addition to audio files is significantly growing.
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TRENDS INFLUENCING THE GROWTH OF MUSIC STREAMING SERVICES MARKET
With music streaming services, consumers can access huge music libraries whenever they want, with never-before-seen convenience. The market's expansion is mostly driven by this convenience aspect. No physical media or downloads are required because subscribers may instantly listen to their favorite songs, albums, and playlists. The market for music streaming has experienced tremendous growth due to the growing usage of smartphones and other mobile devices. Users can listen to music on the go with the help of mobile apps offered by streaming platforms, which has resulted in an increase in subscribers who value portability and flexibility in their music consumption.
A wide variety of users are drawn in by competitive pricing and free, ad-supported tiers. A wide range of people can access music streaming services thanks to their multiple subscription tiers, which include free, ad-supported options and premium, ad-free subscriptions.
A wide range of musical interests can be satisfied by the vast and varied music catalogs that music streaming services provide. They also provide users with tailored suggestions based on user data and algorithms, exposing them to new artists and music and increasing user engagement.
The rise of streaming services is being driven by a change in consumer behavior from music ownership to music access. Many consumers now prefer the subscription-based business model provided by streaming services over buying physical copies of music or single downloads.
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MUSIC STREAMING SERVICES MARKET SHARE ANALYSIS
North America has the greatest revenue share and is expected to expand significantly over the course of the forecast. The regional market is expanding due to the availability of online payment technologies, smart gadgets, and fixed wireless internet.
Between 2023 and 2030, the Middle East and Africa are projected to grow at the quickest rate among regional markets. The region's growing internet penetration and growing smartphone usage trends have been key factors in the market's expansion. Additionally, consumers now have a handy and portable way to access music streaming services thanks to cell phones. The market's growth has been greatly aided by this tendency.
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Key Profiles:
- Spotify
- Jamendo
- Heartbeats International
- SoundMachine
- Rockbot
- Apple
- Amazon
- GOOGLE INC
- Microsoft
- Jukeboxy
- Cloud Cover Music
- Custom Channels
- Auracle Sound
- Brandtrack
- Kasimu
- Soundreef
- Express Melody
- Qsic
- StrorePlay
- Legis Music
- Pandora
- Pandora (Mood)
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SIMILAR REPORTS
- Live Streaming Market was USD 38310 million in 2021, growing with a CAGR of 16.14% during 2022 - 2028.
- Music Streaming Software and Platforms Market
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- Music Publishing market is projected to grow from USD 6682.1 million in 2023 to USD 9532.5 million by 2029, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.
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- Podcast Player market was valued at USD 1473.7 million in 2022 and is anticipated to reach USD 3373.3 million by 2029, witnessing a CAGR of 14.8% during the forecast period 2023-2029.
- Podcast Hosting Sites Market
- Live Streaming Platform market size is projected to reach USD 135650 million by 2028, from USD 38310 million in 2021, at a CAGR of 19.5% during 2022-2028.
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- Cloud Based Video Streaming market size is projected to reach USD 37800 million by 2028, from USD 12060 million in 2021, at a CAGR of 17.4% during 2022-2028.
- The global video streaming market size was valued at USD 38.56 Billion in 2018, and is projected to reach USD 149.34 Billion by 2026, growing at a CAGR of 18.3% from 2019 to 2026.
- Enterprise Streaming Media market is projected to grow from USD 17690 million in 2023 to USD 39690 million by 2029, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period.
- Video Streaming and Broadcasting Equipment Market
- OTT market size was valued at USD 121.61 Billion in 2019 and is projected to reach USD 1,039.03 Billion by 2027, growing at a CAGR of 29.4% from 2020 to 2027.
- Streaming Analytics market is projected to grow from USD 9118.2 million in 2023 to USD 21090 million by 2029, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period.
- B2C Video Live Streaming Platform Market
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