Online Music Streaming Global Market Report 2023: Growing Dependency on Smartphones and Increasing Internet Penetration Boost Growth

DUBLIN, March 2, 2023 /PRNewswire/ -- The "Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering.

The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 23.7 Billion by 2028, exhibiting a CAGR of 4.69% during 2022-2028.

Online music streaming applications enable users to listen to songs in real-time using an internet connection. These applications offer an on-demand service wherein audio media files are prearranged in sequential packets of data and transmitted to smartphones, tablets, TVs and computers without saving them to the hard drive. Presently, several companies are introducing smart devices, such as Amazon's Alexa and Google Cast, to stream music online with hands-free control and instant playback features. With the escalating demand for these smart devices, on account of rapid urbanization, inflating disposable incomes and the emergence of smart homes, the demand for online music streaming applications is escalating worldwide.

Online Music Streaming Market Trends:

The growing dependency on smartphones, increasing penetration of the internet and the thriving media and entertainment industry are among the key factors stimulating the growth of the online music streaming market worldwide. Moreover, easy access to music on multiple devices, along with the rising trend of on-demand songs, are driving the market growth.

Apart from this, the integration of online music streaming applications with social media platforms allows users to create and share collaborative playlists with acquaintances. They also offer young artists a platform to upload and promote their tracks and reach a wider audience.

Furthermore, digital service providers (DSPs) are launching applications with a user-friendly interface and a huge library of music and podcasts. These providers are also offering attractive premium plans, such as family packs or free subscription for a few months, which, in turn, is anticipated to bolster the market growth in the coming years.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global online music streaming market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, revenue model, platform, content type and end user.

Breakup by Service:

• On-demand Streaming
• Live Streaming

Breakup by Revenue Model:

• Subscription
• Non-subscription

Breakup by Platform:

• App
• Browser

Breakup by Content Type:

• Audio
• Video

Breakup by End User:

• Individual
• Commercial

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

Companies Mentioned

• Amazon.com Inc
• ANGHAMI
• Apple Inc.
• Gamma Gaana Ltd. (The Times Group)
• iHeartMedia Inc.
• Musixmatch
• Saavn Media Pvt Ltd.
• SoundCloud Ltd.
• Spotify AB
• Tencent Music Entertainment Group.

For more information about this report visit https://www.researchandmarkets.com/r/mojs5i-music?w=5

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