(MENAFN- iCrowdNewsWire) Jul 6, 2020
A 360-degree synopsis of the competitive scenario of the Music Streaming Market Market is presented in this report. It has an enormous data allied to the recent product and technological developments in the markets. It has a comprehensive analysis of the impact of these advancements on the market's future growth, wide-ranging analysis of these expansions on the market's future growth.
According to our latest market study on 'Global Music Streaming Market Forecast to 2027-COVID-19 Impact and Global Analysis by Content Type (Audio Streaming, Video Streaming); Streaming Type (Live Streaming, On-demand Streaming); End User(Commercial, Individual); and Geography,' the market was valued at US$ 26.05billion in 2019 and is projected to reach US$ 46.99billionby 2027; it is expected to grow at a CAGR of 7.4% from 2019 to 2027.
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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 increasein on-demand streaming and availability of regional content on digital platforms will help the market to 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, several music streaming service providers offer an unpaid trialperiod to gain traction of individuals. Additionally, to remain competitive inthe market, timely updates and advancements are made in the digital music platform by the music streaming service providers to maintain a standard in the market.
COVID–19 Impact on Music Streaming Market
COVID-19 outbreak firstbegan in Wuhan (China) in December 2019, and since then, it has spread at afast pace across the globe. As of June 2020, China, Italy, Iran, Spain, theRepublic of Korea, India, France, Germany, and the US are some of the worstaffected countries in terms of confirmed cases and reported deaths. The COVID-19outbreak has been affecting economies and industries in various countries dueto lockdowns, travel bans, and business shutdowns. The global information andcommunication technology(ICT) industry is one of the major sectors facingsevere disruptions such as supply chain breaks, technology eventscancellations, office shutdowns, etc. as a result of this outbreak. Music andMedia industry is also impacted negatively due to the COVID-19 outbreak. One ofthe critical areas highly impacted is live performances. The industry isfighting back to recover the loss and come-up with new business models. Tomonetize, the companies are coming up with live shows on streaming devices.
The report segments the global music streaming market as follows:
By Content Type
- Audio Streaming
- Video Streaming
By Streaming
- Live Streaming
- On-demand Streaming
By End-User
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