PORTLAND, OREGON, USA, September 16, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, global “Online music streaming industry generated $12.83 billion in 2019 and is projected to reach $24.71 billion by 2027, growing at a CAGR of 9.8% from 2021 to 2027. The report offers a detailed analysis of the changing dynamics market, major segments, value chain, major investment pockets, competitive scenario, and regional landscape.
Rising penetration of smartphones, digital platforms, and smart devices, increasing number of fans of popular artists, and aggressive investments by record labels are driving the growth of the global online music streaming market. However, the threat of data privacy and database security and copyright infringement issues are hampering the growth of the market. On the other hand, the introduction of 5G, artificial intelligence and machine learning and the increasing population of internet users in developing countries are creating new opportunities in the coming years.
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As many governments imposed lockdowns during the Covid-19 pandemic, people were forced to stay home. This, in turn, has increased the adoption and usage of online music services across the world.
During the lockdown, music streaming was done using home appliances such as televisions rather than smartphones. Many people prefer video content over audio.
There has been a significant increase in subscribers across various platforms such as Spotify, Tencent Music Entertainment, and Amazon Music.
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Based on service, the on-demand streaming segment accounted for the largest share in 2019, contributing more than two-thirds of the global online music streaming market, and is expected to maintain its leading position over the period. forecast. Additionally, this segment is expected to show the highest CAGR of 10.1% from 2021 to 2027, as it offers a wide range of recorded and live music options that are convenient and hassle-free. The report also analyzes the live streaming segment.
Based on the revenue model, the subscription segment held the highest market share in 2019, accounting for almost three quarters of the global online music streaming market, and is expected to maintain its leading status throughout the forecast period. Also, this segment is expected to see the highest CAGR of 10.1% from 2021 to 2027. This is attributed to conveniences, cheap prices, access to a wider variety of music, ad-free features, and hassle-free service. The research also analyzes the non-subscription segment.
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Based on region, North America accounted for the highest share in 2019, contributing nearly two-fifths of the global online music streaming market, and is expected to maintain its dominant revenue share by now. 2027. This is due to high disposable income. , mass adoption of technology, high internet penetration and growing number of paying subscribers. However, LAMEA is expected to experience the fastest CAGR of 10.8% from 2021 to 2027, owing to technological developments such as voice recognition that improves customer experience and high internet penetration in the region.
Key players of the global hair scissors market analyzed in the research include Amazon, Inc., Anghami, Apple, Inc., Deeze, Pandora Media, LLC, cent Music Entertainment, Tidal.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.