According to the latest analysis by Reports and Data, the global Music Streaming Market is estimated to reach USD 80.6 billion in 2028, with a revenue CAGR of 16.5 percent over the forecast period. Increased competition among music streaming service providers, as well as an increase in the number of consumers streaming digital material on smartphones, tablets, and desktops, are likely to drive market revenue growth throughout the forecast period.
To obtain a competitive advantage and maximize income prospects, major businesses are investing in modern technologies such as 5G for streaming, Augmented Reality (AR), Virtual Reality (VR), holograms, cloud-based services, and Artificial Intelligence (AI). Furthermore, new capabilities like track mixing, automated one-touch tailored playlists, and voice assistance are projected to improve user experience on such platforms in the future.
Due to an increase in disposable income, consumers are preferring to pay for music content. The availability of both a free trial and a paid subscription is growing the user base and offering information on how to improve online music streaming services. However, various dangers to users’ privacy and security, as well as copy-right issues associated to music streaming in audio and video recording, are projected to limit market growth throughout the projection period. A sample report can be downloaded here.
Apple Music will include Dolby Atmos technology, as well as Spatial Audio, starting in May 2021. All AirPods and Beats headphones with an H1 or W1 processor, as well as the built-in speakers in the latest iPhone, iPad, and Mac versions, will play Dolby Atmos music by default on Apple Music. Over the forecast period, the audio segment’s revenue will expand at the fastest rate. Other market trends are being supported by the growing popularity of streaming and the trend of multitasking, such as listening to music while working, exercising, driving, or doing household chores. The market is also predicted to rise as the number of commercial users, such as restaurants, workplaces, and cafeterias, grows.
Over the projected period, revenue from the apps segment is expected to expand at the fastest rate. App-based music streaming services have a competitive edge in the market since they can offer a high volume of digital content that can be purchased via the app, as well as a large number of tracks that can be listened to for free. All investors, from distributors to songwriters, see on-demand streaming services as a promising alternative for preventing illegal music sharing and downloading. For users’ convenience, it also provides external tools and suggestions based on their previous records.
Major companies in the market include Amazon, Music Inc., Google LLC, Apple, Inc., Spotify AB, Pandora Media, Inc., iheartmedia, Inc., Deezer, SoundCloud Limited, Tencent Music Entertainment Group, and Tidal HiFi.
Source: Digital Weekday