Middle East and Africa Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Content Type, Streaming Type, and End User
The music streaming market in MEA is expected to grow from US$ 1536.4 million in 2019 to US$ 3228.5 million by 2027; it is estimated to grow at a CAGR of 9.5% from 2020 to 2027.
NEW YORK, Oct. 29, 2020 /PRNewswire/ --
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As the digital music streaming platforms and websites are changing the musical scenario, there is rise in the popularity of digital music across MEA.The MEA music streaming market is accelerating as the consumers are attracted toward purchasing different contents which they can access for free.
Spotify, Google, Apple music are among the prominent digital music streaming platform providers.The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment.
Additionally, the availability of free-trial and paid subscription are playing a significant role in boosting the application of digital music streaming platforms.In the era of digital age, the music streaming industry is evolving in a rapid pace.
Owing to the availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, and YouTube music, a subscription fees should be paid to consume content from the music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music streaming website is increasing. Thus, rising popularity of digital music streaming websites is expected to increase the demand of music streaming across MEA. Surge in the number of music subscribers is among the other factors expected to positively influence the demand for music streaming across MEA.
Saudi Arabia has the highest number of COVID-19 cases in the MEA region and is followed by South Africa and the UAE.UAE was the first country in the MEA to report a confirmed case of COVID-19.
As online entertainment is one of the bright spots in business during COVID-19 pandemic, the companies that provide music streaming platforms are witnessing the demand from consumers in the MEA region. Tencent Holdings Ltd. is planning to launch its paid music app Joox to some of the Africa's populous countries after the streaming service proved a hit in Southeast Asia.
In terms of streaming type, the on-demand streaming segment led the MEA music streaming market in 2019.On-demand streaming is one of the major type of music streaming.
Google play music, Spotify, Amazon prime, and apple music are among the prominent players prevailing in on-demand music streaming market.The technology behind on-demand streaming is similar to radio streaming; only user experience creates difference.
The mentioned on-demand music streaming service providers utilize on-demand audio streaming software along with network infrastructure to stream media files. Due to a rise in demand for online content driven by better internet speed and smartphone penetration, the use of on-demand streaming is gaining high momentum and is expected to endure its growth, which ultimately drives the MEA music streaming market.
The overall MEA music streaming market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the MEA music streaming market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA music streaming market. Amazon.com, Inc.; Apple, Inc.; Google LLC; Joox; and Spotify Technology S.A. are among a few players operating in the MEA music streaming market.
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