Increasing adoption of digital music in addition to increasing digitalization in the previous three years has pushed the market growth of music streaming. Because of expanding reception of music streaming, the downloaded music market share has foreseen a decrease, in the worldwide digital music market, on the basis of value.
Among the type of streaming, the market for on-demand music streaming services is anticipated to witness more acceptance by the end users all over the world because of the expanding presence of audio music streaming applications as well as providing advanced features along with its subscription-based applications. Moreover, this category is projected observe an incremental prospect of US$ 25,617.78 Million between 2018-2026. On the contrary, inferable from the existence of a large group of onlookers over YouTube, an impressive market share is accounted by live streaming services also. One of the ongoing improvement saw over this service, is the presentation of subscription-based YouTube music streaming choice. This, as a result, is estimated to drive the on-demand music streaming market.
Expanding existence of web as well as expanding reception of laptops and smartphones complimented by the expanding volume of millennial populace throughout the following decade in addition to the changing customer behavior with rising digitalization, are likely to continue to be the foremost driving aspects for the worldwide market for music streaming.
In terms of the end- user, the residential category is likely to witness market growth and higher CAGR over commercial because of the increasing buyer disposable income and growing reception of cutting edge customer electronic devices worldwide, particularly over emerging nations. By content type, the low cost related with the ads presented over free video music streaming applications, for example, YouTube, particularly in APAC region, in contrast to free audio streaming, is one the aspect due to the restricted market value in the worldwide market.
Region-wise, the North America regional market is anticipated to lead the worldwide market for music streaming as a result of a high acceptance of digital music in the U.S., accessibility of resources for providing advanced music streaming feel to the end-users as well as higher end-users disposable income in the region. The region has seen the acceptance of advanced data services, for instance, high-speed broadband connectivity in addition to uninterrupted 4G as of the preceding four years in addition. These aspects are driving the market growth of music streaming in the North America region. In addition, the market for music streaming has huge prospects in China as well as SEA & Pacific as a result of the rising acceptance of free music streaming applications, for instance, Saavn, JOOX, Gaana and so forth.