The music and streaming services market revenue was US$ 24.5 billion by the end of 2021. The market is predicted to reach US$ 98.5 billion by 2032, growing at a CAGR of 13.6% from 2022 to 2032. Global Music and streaming services are becoming more dynamic owing to increased inclination of consumers towards such services. The increasing up-gradation in the technology is anticipated to increase the demand of music streaming among the smartphone users over the forecasted period.
Music and streaming services market is expected to show significant growth due to the streaming of songs through audio and video platforms. However, market of physical album is expected to decline relatively. Global Music is consolidated market with various companies undergoing mergers and acquisitions, partnerships and strategic alliances in order to increase their market share.
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Music and Streaming Services Segmentation
Global Music is segmented into digital downloads, physical, streaming, synchronization and ringtones. Digital download is the largest market segment in terms of revenue, followed by the streaming. Furthermore, streaming services are segmented into sound exchange distributions, on demand ad-supporting services and subscription services.
Music and streaming services are further segmented on the basis of region as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and Middle East and Africa. In North America, U.S contributes the maximum revenue in terms of revenue contribution, Also, European region is expected to reflect a significant growth during the forecast period.
However the global Music is expected to lose significant portion of its revenue due to the piracy in the near future. Accordingly, government across various countries have taken several initiatives to curb piracy. For instance, U.S. possess copyright alert systems that keep check on piracy. In Europe service providers have blocked the access to the pirate bay.
Music and Streaming Services: Region-wise Outlook
Music and streaming services market is expected to show tremendous growth in the coming years due to the rising number of high net worth individuals coupled with increasing number of consumers upgrading to smartphones. .
Globally among all the regions, North America is expected to contribute the largest market share followed by European region in the forecast period. US is expected to be the dominant market for the Music and streaming services in the North American region. However, European region is expected to be the fastest growing market followed by Asia Pacific.
Music and streaming services: Drivers
Increasing number of internet enabled mobile devices such as iPhone drives the growth of Music and streaming services. Rising disposable income leading to increasing purchase of smart phones and other devices, which offer specification support to music and streaming services are expected to fuel the Music and streaming services market growth.
Other factors that fuel the growth of Music specifically includes increasing usage of subscription and streaming services by the consumers. Subscription streaming is the key driver for the streaming services market. In music streaming market there is increasing adoption of cloud services as it provides consumers to access music online and presently it is also being increasingly adopted by the various companies to increase the subscribed users to access the digital content stored in remote servers
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Music and Streaming Services: Key Players
The key international players operating in Music and streaming services includes Google Inc., Rhapsody International Inc. Apple Inc., Pandora Media Inc. Various companies operating in streaming services market are continuously launching various music streaming services
The report covers exhaustive analysis on:
- Music and streaming services Segments
- Music and streaming services Dynamics
- Supply & Demand Value Chain
- Music and streaming services Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Music and streaming services Drivers and Restraints
Music and Streaming Services Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Music and Streaming Services Market by Category
By Services:
- On-Demand Streaming
- Live Streaming
By Platform:
- Applications
- Browsers
By Content Type:
- Audio
- Video
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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The post Global Music and Streaming Services Market had reached a revenue of US$ 24.5 Bn by 2021. The market is expected to reach US$ 98.5 Bn by 2032 at a CAGR of 13.6% for 2022-32 | FMI appeared first on Future Market Insights.
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