The global online music streaming market is anticipated to grow at a considerable CAGR of 17.2% during the forecast period (2020-2026). The market growth is mainly attributed to the increasing smartphone penetration and the increasing adoption of smart devices across the globe. Some 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 growth. Likewise, the availability of regional content, as well as the increasing popularity of live streaming platforms, are also fuelling the market growth.
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In 2020, the COVID-19 pandemic has also increased the demand for music streaming, as most countries have declared lockdowns (with different timeframes). This pushed people to opt for online streaming services for entertainment. According to the Chinese platform Tencent Music Entertainment (TME) group, its growth increased to around 70% in the first quarter of 2020 YoY basis. Further, the number of premium subscribers increased to 42.7 million.
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
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Amazon.com, Inc., Apple, Inc., Google LLC., Spotify AB, Deezer
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A full Report of Online Music Streaming Market is Available at: https://www.omrglobal.com/industry-reports/online-music-streaming-market
Global Online Music Streaming Market Report Segment
By Service
- On-Demand streaming
- Live Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
By Platform
- Browsers
- Applications
By End-User
- Residential
- Commercial
- By Revenue Model
- Subscription
- Advertisement
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
