LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global music streaming market to grow at a CAGR of over 14% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global music streaming market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global music streaming market is likely to experience high growth during the forecast period. This growth may be attributed to the new features offered by music streaming service providers, which allow users uninterrupted access to music without the need for downloading files. Users can legally access high-quality songs for free for a pre-defined period or by paying a nominal subscription fee.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global music streaming market:
- High growth in mobile ad spending market
- Increased use of mobile apps
- Increase in number of subscription services
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High growth in mobile ad spending market
Mobile advertising is currently one of the most popular methods of advertising. The increased penetration of smartphones and tablets worldwide is one of the major driving forces for the growth of digital music. Vendors also offer free downloading and streaming services for mobile devices. Mobile ad spending is one of the major sources of revenue for digital music service providers, which in turn supports the growth of the music streaming market.
Ujjwal Doshi, a lead media and entertainment services research analyst at Technavio, says, “In addition, mobile devices and tablets are now being equipped with more personalized services, such as location-based mobile technology, which can help in segmenting potential customers for marketing purposes. This will help vendors to target their audiences with customized music playlists.”
Increased use of mobile apps
The global mobile apps market is growing exponentially. As a result, most of the service providers are developing their mobile applications to provide ease of access and usage to customers. Likewise, music streaming service providers initially offered music through their websites only. However, with the growing adoption of mobile devices and the consequent increase in mobile application downloads, most of the songs and albums are now available in-app for streaming and downloading. This also provides easy payment options for subscriptions to digital content, which attracts and retains many customers.
Increase in number of subscription services
The subscription services for digital music and streaming are becoming increasingly popular among consumers. Many music streaming applications have started to provide social media integration services allowing them to personalize preferences and content. Online music streaming applications such as Spotify, SoundCloud, and Wynk are linked to social media platforms such as Facebook, and users can share music and playlists with their friends.
“Online music streaming applications and services are also adopting the freemium business model that aims at converting free users to premium services while ensuring sustainability. Free users usually migrate to access unlimited and uninterrupted content, which leads to an increase in subscription services and results in the growth of the market on the whole,” adds Ujjwal.
Top vendors:
- Apple
- Deezer
- iHeartMedia
- Pandora Media
- Spotify
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