According to the latest report by IMARC Group, titled “Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global online music streaming market trends 2023. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 23.7 Billion on by 2028, exhibiting a growth rate (CAGR) of 9.28% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Online music streaming platforms allow users to listen to songs, audio, and podcasts in real-time through an internet connection without downloading them. Some popular online music streaming platforms include Spotify, Apple Music, YouTube, Amazon Music Unlimited, Pandora, SoundCloud, Tencent, and Gaana music. They provide an on-demand service wherein audio media files are prearranged and transmitted to tablets, computers, televisions (TVs), and smartphones. Nowadays, various companies are launching smart devices such as Google cast and Alexa by Amazon to stream music online with hands-free control and instant playback features. As a result, online music streaming is gaining popularity among individuals across the globe.
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The market is primarily driven by the rising popularity of online music streaming platforms, the increasing penetration of the internet, and the easy accessibility to music on multiple devices. In addition, the significant expansion of the media and entertainment industry and the growing trend of on-demand songs are contributing to the market growth.
Moreover, various technological advancements and the integration of machine learning (ML), artificial intelligence (AI), virtual reality (VR), and 5th generation (5G) mobile networks represent another major growth-inducing factor. Besides this, the sudden outbreak of the coronavirus disease (COVID-19) pandemic has escalated the online video and audio streaming of music during the lockdown providing a positive thrust to the market growth. Furthermore, the widespread adoption of online music streaming applications by cafes, restaurants, pubs, and gyms is creating a favorable market outlook across the globe.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group.
The report has been segmented the market into following categories:
Breakup by Service:
- On-demand Streaming
- Live Streaming
Breakup by Revenue Model:
Breakup by Platform:
Breakup by Content Type:
Breakup by End User:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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