The Asia-Pacific online music streaming market is anticipated to grow at a considerable CAGR of 18.2% during the forecast period (2020-2026). The primary factors assisting the market growth are rising smartphone & internet penetration and the increasing adoption of smart devices in the region. Asia-Pacific is one of the regions with the rising number of new music streaming platforms, giving the users the to choose the best platform as per their requirement. For Instance, in March 2020, the Chinese firm ByteDance Ltd. launched its music streaming platform Resso in India and Indonesia.
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Further, most platforms are providing free services with ads or an option to choose a premium subscription, which is allowing users to switch to online streaming easily. In addition, promotional offers such as a discount on premium subscription and free monthly trials are also boosting the market demand. In 2020, the COVID-19 pandemic has positively impacted the market, as most countries have declared lockdowns, which compelled people to use online streaming for entertainment. Moreover, the availability of regional content, as well as the increasing popularity of live streaming platforms, are also fuelling the market growth.
Market Coverage
- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
Segment Covered
- By Service
- By Content-Type
- By Platform
- By End-User
- By Revenue Model
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