The market study allows us to understand various aspects of the music streaming industry by assessing the market using various regional trends, technological developments, and upcoming investments. The report on global music streaming application market covers several qualitative aspects of the market such as the drivers, restraints and key industry trends. Further, the market study provides an in-depth analysis of the strategic framework of the players in the global music streaming application market.
Music streaming has become one of the most popular methods consumers have chosen to listen to music. Convenience, unlimited access to larger catalog, on demand playlist are few the feature of music streaming application that has helped it gain tremendous traction in the music industry. Despite the gaining popularity among the consumers, players in the market are facing challenges such as limited end-user ability and low willingness to pay for the subscription-based service, especially in countries with low penetration of music streaming applications.
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Key players in Music Streaming Application Market are Apple Music, Spotify Limited, Amazon Music, Pandora Media, Inc., Deezer, Tencent Music Entertainment Group, Google Play Music and YouTube Music.
The music streaming application is gaining tremendous traction globally and hence the market has a large number for service providers who are regional as well as global players. Thus, players in the global music streaming application market are offering freemium services to boost its user base in the emerging markets. For instance, Spotify in February 2019, launched its freemium streaming services for the Indian market. Under this service, the user will have access to content for free but have to bear un-unskippable ads.
Global music streaming application market is anticipated to witness a steady growth rate in terms of subscribers and revenue. The global subscriber base is projected to reach 2.81 billion by the end of 2025 in the market. The market is primarily driven by technology developments that enabled digital music. The technology developments have allowed the providers of music streaming services to meet to emerging needs of the consumer. This is has led to an increased number of subscribers to the music streaming services driving the growth of the market.
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Innovation is the key to the success for the players in the global music streaming application market and hence use of big data has prospered in the market as it offers new sets of opportunities for the player in the market. Big data has been used to deliver more targeted advertisements and songs to the audience. With the technological advancements in the current music streaming platform and other services such as Facebook Live, Instagram Live and other, live streaming is expected to soon be mainstream. This, live concert broadcasts/live video streaming will offer fresh opportunities for the players in the global music streaming application market. Tapping the live music streaming space makes sense as millennials are shifting towards live streaming in the music industry.
Global music streaming application market is segmented in subscription-based and ad-supported based. An engaging user experience, superior functionality, exclusive access to content and value-added services are driving the growth of the subscription-based services in the global music streaming application market. By 2025, subscription-based services are projected to account ~80% share in revenue in the global music streaming application market.
By geography, Asia Pacific is projected to grow at the fastest CAGR in terms of subscribers and revenue. Tailored music according to the local taste and content personalization coupled with increasing internet connectivity and smartphone penetration is driving the growth of the music streaming services in the Asia Pacific. Further, to boost the market growth player in the Asia Pacific are partnering with brands to offer innovative advertisements and with telecom, player to offer their services at affordable rates.
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