7.4% CAGR, Music Streaming Market Size is hitting $46.99 Billion by 2027

Music Streaming Market Size is emerging with Growing Popularity of Digital Music Streaming Websites by 2027

NEW YORK, UNITED STATES, March 29, 2022 /EINPresswire.com/ -- According to the new research report, titled “Music Streaming Market - Global Analysis and Forecast to 2027,” published by The Insight Partners, the market is expected to reach US$ 46.99 billion by 2027, registering a CAGR of 7.4 % during 2020–2027.

Market Size Value in - US$ 26.05 Billion in 2019
Market Size Value by - US$ 46.99 Billion by 2027
Growth rate - CAGR of 7.4% from 2019-2027
Forecast Period - 2019-2027
Base Year - 2019
No. of Pages - 160
No. Tables - 83
No. of Charts & Figures - 79
Historical data available - Yes
Segments covered - Content Type ; Streaming Type ; End User
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Considering the demand for multiple digital music platforms and rising number of music subscribers, the music streaming market is likely to grow at a significant pace. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to grow and provide growth opportunities to the market players prevailing in the music streaming market. On the contrary, due to the availability of pirated channels and free music platforms, the number of subscribers have declined, which can negatively impact the music streaming market. Furthermore, many music streaming service providers offer an unpaid trial period to gain traction of individuals. Additionally, to remain competitive in the market, timely updates and advancements are made in the digital music platform by the music streaming service providers to sustain in the market.

The scope of the digital music streaming websites is taking over the musical scenario. Owing to the availability of cloud technology, regional music offerings, increased smartphone adoption, advanced streaming applications, and lesser cost of data are some of the major aspects transforming the entire landscape of music streaming. Tidal, Deezer, Amazon Music Unlimited, and YouTube Music are some of the prominent online music streaming services prevailing in the market. The application of music platforms is majorly adopted within the age group up of 18to 30years, as the individuals of this group are willing to invest high value on music streaming. Targeting new demographics would potentially raise service subscriptions and revenue of the providers.

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As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscription are playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees are required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.

Factors such as demand for multiple digital music platforms and rising number of music subscribers will drive the growth of music streaming market. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to further grow and provide growth opportunities to the providers prevailing in the music streaming market. On the contrary, due to the availability of pirated channels and free music platforms, the number of subscribers might decline and can negatively impact on the music streaming market. Furthermore, many music streaming service providers offer an unpaid trial period to gain traction of more individuals.

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Strategic Insights:

Players operating in the music streaming market are mainly focused on the development of advanced and efficient products.

In 2020, LiveXLive Media, Inc. and iHeartMedia announced a livestream partnership which includes more than 25 iHeartRadio festivals and theater shows annually and the addition of five new shows. The agreement also includes LiveXLive’s exclusive distribution on its platform of two more of iHeartMedia’s top annual events – the iHeartRadio Music Festival and iHeartRadio Jingle Ball.

In 2019, Amazon Music expanded access to free streaming service, and the customers would be able to listen to Amazon Music’s ad-supported selection for free. It is available to customers in U.S., U.K. and Germany who doesn’t have a Prime membership or a subscription to Amazon Music Unlimited.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer Joshi
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Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/music-streaming-market

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The Insight Partners
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