Global Music market and streaming services are becoming more dynamic owing to increased inclination of consumers towards such services. The increasing up-gradation in the technology is anticipated to increase the demand of music streaming among the smartphone users over the forecasted period. Music market and streaming services market is expected to show significant growth due to the streaming of songs through audio and video platforms. However, market of physical album is expected to decline relatively. Global music market is consolidated market with various companies undergoing mergers and acquisitions, partnerships and strategic alliances in order to increase their market share.
Global music market is segmented into digital downloads, physical, streaming, synchronization and ringtones. Digital download is the largest market segment in terms of revenue, followed by the streaming. Furthermore, streaming services are segmented into sound exchange distributions, on demand ad-supporting services and subscription services. Music market and streaming services are further segmented on the basis of region as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and Middle East and Africa.
In North America, U.S contributes the maximum revenue in terms of revenue contribution, Also, European region is expected to reflect a significant growth during the forecast period. However the global music market is expected to lose significant portion of its revenue due to the piracy in the near future. Accordingly government across various countries have taken several initiatives to curb piracy. For instance, U.S. possess copyright alert systems that keep check on piracy. In Europe service providers have blocked the access to the pirate bay.
Music market and streaming services market is expected to show tremendous growth in the coming years due to the rising number of high net worth individuals coupled with increasing number of consumers upgrading to smartphones. . Globally among all the regions, North America is expected to contribute the largest market share followed by European region in the forecast period. US is expected to be the dominant market for the music market and streaming services in the North American region. However, European region is expected to be the fastest growing market followed by Asia Pacific.
Increasing number of internet enabled mobile devices such as iPhone drives the growth of music market and streaming services. Rising disposable income leading to increasing purchase of smart phones and other devices, which offer specification support to music and streaming services are expected to fuel the music market and streaming services market growth. Other factors that fuel the growth of music market specifically includes increasing usage of subscription and streaming services by the consumers. Subscription streaming is the key driver for the streaming services market. In music streaming market there is increasing adoption of cloud services as it provides consumers to access music online and presently it is also being increasingly adopted by the various companies to increase the subscribed users to access the digital content stored in remote servers
The key international players operating in Music market and streaming services includes Google Inc., Rhapsody International Inc. Apple Inc., Pandora Media Inc. Various companies operating in streaming services market are continuously launching various music streaming services
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