Music Streaming Market Analysis Highlights the Impact of COVID-19 (2020-2024)

The music streaming market and it is poised to grow by USD 7.47 bn during 2020-2024, progressing at a CAGR of over 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions:

• What is a major trend in the market?
  Rise of wearable technology is a major trend driving the market growth.
• At what rate is the market projected to grow?
  The year-over-year growth for 2020 is estimated at 19.82% and the incremental growth of the market is anticipated to be $ 7.47 bn.
• Who are the top players in the market?
  Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, IHEARTMEDIA, INC., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., and Spotify Technology SA., are some of the major market participants.
• What is the key market driver?
  Increase in the number of subscription services is the major factor driving the market.
• How big is the APAC market?
  The APAC region will contribute 54% of the market share.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, IHEARTMEDIA, INC., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., and Spotify Technology SA are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Increase in number of subscription services has been instrumental in driving the growth of the market.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Music Streaming Market 2020-2024: Segmentation

Music Streaming Market is segmented as below:

• End-user
• Individual Users
• Commercial Users
• Type
• Free
• Paid
• Geography
• North America
• APAC
• Europe
• MEA
• South America

Music Streaming Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The music streaming market report covers the following areas:

• Music Streaming Market Size
• Music Streaming Market Trends
• Music Streaming Market Industry Analysis

This study identifies the rise of wearable technology as one of the prime reasons driving the music streaming market growth during the next few years.