DUBLIN, March 2, 2023 /PRNewswire/ — The Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2023-2028 report has been added ResearchAndMarkets.com Offer.
The global online music streaming market size reached US$18.0 billion in 2022. Looking ahead, the publisher expects the market to reach $23.7 billion by 2028, at a CAGR of 4.69% over 2022-2028.
Online music streaming applications allow users to listen to songs in real time over an internet connection. These applications provide an on-demand service where audio media files are pre-arranged into sequential data packets and streamed to smartphones, tablets, televisions and computers without saving to disk. Currently, several companies are rolling out smart devices like Amazon’s Alexa and Google Cast to stream music online with hands-free control and instant playback capabilities. With the increasing demand for these smart devices due to rapid urbanization, rising disposable incomes and the advent of smart homes, the demand for online music streaming applications is increasing worldwide.
Online Music Streaming Market Trends:
Growing dependency on smartphones, increasing internet penetration and thriving media and entertainment industries are among the key factors fueling the growth of the global online music streaming market. In addition, the easy access to music on multiple devices as well as the rising trend of on-demand songs are driving the market growth.
Apart from that, the integration of online music streaming applications with social media platforms allows users to create common playlists and share them with acquaintances. They also provide a platform for young artists to upload and promote their tracks and reach a wider audience.
In addition, Digital Service Providers (DSPs) are releasing applications with a user-friendly interface and a huge library of music and podcasts. These providers also offer attractive premium plans such as family packages or a free subscription for a few months, which in turn should fuel market growth in the years to come.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global Online Music Streaming market report, as well as forecasts at global, regional and country level from 2023 to 2028. Our report has categorized the market by service, revenue model, platform, content type and end-user.
Separation by service:
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- On Demand Streaming
- live streaming
Breakdown by revenue model:
Breakdown by platform:
Breakdown by content type:
Separation by end users:
Breakdown by region:
- North America
- United States
- Asia Pacific
- South Korea
- Great Britain
- Latin America
- Middle East and Africa
- Amazon.com Inc
- apple inc
- Gamma Gaana Ltd. (The Times Group)
- iHeartMedia Inc.
- music match
- Saavn Media Pvt Ltd.
- SoundCloud Ltd.
- Spotify AB
- Tencent Music Entertainment Group.
For more information about this report, visit https://www.researchandmarkets.com/r/mojs5i-music?w=5
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