Music Streaming Market size to grow by USD 31.10 billion from 2022 – 2027 |The increasing preference for music streaming services to drive the market growth – Technavio

NEW YORK, Nov. 24, 2023 /PRNewswire/ — The Music Streaming Market size is set to increase by USD 31.10 billion from 2022 to 2027, according to Technavio. The global music streaming service market is experiencing significant growth due to the rising preference for these services worldwide. In the second quarter of 2022, there was a notable 30.5% increase in the number of consumers opting for subscription-based music streaming. Additionally, every month, one million new users join these services. The expansion of wired and wireless technologies, along with advancements in telecommunication standards such as 3G, 4G, and 5G, has led to increased global Internet bandwidth, thereby boosting the widespread adoption of music streaming services. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Buy the report now

Music Streaming Market 2023-2027: Segmentation

Type FreePaidEnd-user Individual UsersCommercial UsersGeography North AmericaEuropeAPACSouth AmericaMiddle East And Africa

In 2017, the Free segment held the top position, valued at USD 13.65 billion. Moderate growth is expected in the free music streaming market. Free music streaming operates as an ad-supported service, allowing providers to generate revenue by displaying advertisements while users listen to music or make non-free in-app purchases. Spotify and Alphabet stand out as the two major global suppliers of free streaming services. Music available on free memberships is supported by ads and has restricted access.

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Music Streaming Market 2023-2027: Company Analysis and Scope

Some of the major companies of the music streaming market include Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 companies operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the music streaming market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Music Streaming Market 2023 – 2027: Market dynamics

Leading trends influencing the market 

Smart speakers from various manufacturers like Samsung, SONOS, Apple, Sony, and Xiaomi offer multi-room streaming capabilities and voice-controlled access to music libraries.Features such as voice control, multi-room listening, and integration with music subscriptions like Apple Music signify the impact of smart speakers on the music streaming market.Continuous innovation in smart speaker technology by companies like Sony and Xiaomi through new product launches contributes significantly to the expansion of the music streaming market globally.The emergence of smart speakers is expected to be a key trend driving growth in the global music streaming market.

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The report also covers the following areas:

Music Streaming Market sizeMusic Streaming Market trendsMusic Streaming Market industry analysis

Market trends such as an increasing introduction of differentiated music streaming services is likely to emerge as one of the primary drivers of the market. However, factors such as lack of ownership in music streaming may threaten the growth of the market.

Music Streaming Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2022-2027Detailed information on factors that will assist music streaming market growth during the next five yearsEstimation of the music streaming market size and its contribution to the parent marketPredictions on upcoming trends and changes in consumer behaviorThe growth of the music streaming marketAnalysis of the market’s competitive landscape and detailed information on vendorsComprehensive details of factors that will challenge the growth of music streaming market vendors

Download now to uncover successful business strategies deployed by Companies of music streaming market – Download Latest Free Sample Report in Minutes 

Related Reports:
Music Market: The music market size is estimated to grow at a CAGR of 12.57% between 2023 and 2028. The market size is forecast to increase by USD 70,023.6 million.

Music on Demand Market: The music on demand market size is estimated to grow at a CAGR of 13.41% between 2022 and 2027. The music on demand market size is forecast to increase by USD 38,775.66 million.

TOC

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by TypeMarket Segmentation by End-UserCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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SOURCE Technavio