Online Music Streaming Market, Global Industry Overview, Sales Revenue, Demand and Forecast by 2028

Online Music Streaming Market Trends

According to the latest report by IMARC Group, titled “Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global online music streaming market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 23.7 Billion on by 2028, exhibiting a growth rate (CAGR) of 9.28% during 2023-2028.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Online music streaming platforms allow users to listen to songs, audio, and podcasts in real-time through an internet connection without downloading them. Some popular online music streaming platforms include Spotify, Apple Music, YouTube, Amazon Music Unlimited, Pandora, SoundCloud, Tencent, and Gaana music. They provide an on-demand service wherein audio media files are prearranged and transmitted to tablets, computers, televisions (TVs), and smartphones. Nowadays, various companies are launching smart devices such as Google cast and Alexa by Amazon to stream music online with hands-free control and instant playback features. As a result, online music streaming is gaining popularity among individuals across the globe.

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Industry Trends:

The market is primarily driven by the rising popularity of online music streaming platforms, the increasing penetration of the internet, and the easy accessibility to music on multiple devices. In addition, the significant expansion of the media and entertainment industry and the growing trend of on-demand songs are contributing to the market growth.

Moreover, various technological advancements and the integration of machine learning (ML), artificial intelligence (AI), virtual reality (VR), and 5th generation (5G) mobile networks represent another major growth-inducing factor. Besides this, the sudden outbreak of the coronavirus disease (COVID-19) pandemic has escalated the online video and audio streaming of music during the lockdown providing a positive thrust to the market growth. Furthermore, the widespread adoption of online music streaming applications by cafes, restaurants, pubs, and gyms is creating a favorable market outlook across the globe.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Service:

  • On-demand Streaming
  • Live Streaming

Breakup by Revenue Model:

  • Subscription
  • Non-subscription

Breakup by Platform:

  • App
  • Browser

Breakup by Content Type:

  • Audio
  • Video

Breakup by End User:

  • Individual
  • Commercial

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Chris Greenwalty
Kate Johnson is a content writer, who has worked for various websites and has a keen interest in Online Signals Report and Stock portfolio generator. She is also a college graduate who has a B.A in Journalism. Read More: Fin Scientists >> Read More: Stocks Signals Mobile App >> Read More: Crypto Signals >> Read More: Crypto Trade Signals App >> Read More: Trade Signal Buy and Sell

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