According to a new report Global Music Streaming Market, published by KBV research, The Global Music Streaming Market size is expected to reach $60.5 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.
The audio category dominated the music streaming market in 2019. The increasing demand for the audio content resulted in the growing preference of the customers for multi-tasking, specifically listening to songs while traveling to the office, doing household work, or exercising. The video category is anticipated to register rapid growth during the forecast period. The increasing preference for OTT platforms among customers around the globe is the main factor that drives the growth of video streaming services.
The individual end-use category dominated the music streaming market in 2019. With the introduction of music streaming services, customers can access millions of songs daily, with the help of these streaming platforms. The shift in the lifestyle of the millennials which includes listening to songs during their daily work boosts the growth of this category. There are many tech companies that allow the employees to listen to songs by using their headphones and work in isolation. Moreover, with the enhanced accessibility of wireless networks and increasing use of mobile phones, the music streaming market is replacing the downloads in the digital music market.
Europe is expected to witness significant growth in the market during the forecast period. The increasing internet consumption due to the shift from traditional phones to smartphones is one of the main factors that drive the increasing adoption of music streaming services in this region. The market in MEA (Middle-East) region is anticipated to witness the fastest growth during the forecast period. There are many domestic players and global players that are expanding their businesses in this region.
Structural Insights: https://www.kbvresearch.com/music-streaming-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon.com, Inc., Apple, Inc., Google, Inc., Tencent Music Entertainment Group (Tencent Holdings Ltd.), Spotify Technologies S.A., SoundCloud Ltd., Sirius XM Holdings, Inc. (Pandora Media, Inc.), iHeartMedia, Inc. (Thomas H. Lee Partners), Deezer S.A. (Access Industries Holdings LLC) and Aspiro AB (Tidal).
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