MarketResearchNest.com adds “Global Music Streaming Market 2017-2021” new report to its research database. The report spread across 72 pages with table and figures in it.
Research analysts forecast the global music streaming market to grow at a CAGR of 14.05% during the period 2017-2021.
About Music Streaming
Music streaming refers to a service that enables users to stream and listen to music/songs using a device connected to the Internet. Two types of services are available to users: paid music streaming and free music streaming. Music streaming allows the service providers to purchase digital rights from music recording companies. Users can access tracks listed on the service provider’s application and website, based on the subscription type they purchase. These subscribers can also download music and playlists directly to their devices for offline listening, which does not require an Internet connection.
Covered in this report
The report covers the present scenario and the growth prospects of the global music streaming market for 2017-2021. To calculate the market size, the report considers the sales value as generated from free (advertising-based revenue) and subscription-based music streaming services.
Browse full table of contents and data tables at https://www.marketresearchnest.com/global-music-streaming-market-2017-2021.html
The market is divided into the following segments based on geography:
Technavio’s report, Global Music Streaming Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Music Streaming Market 2017-2021
Technavio recognizes the following companies as the key players in the global music streaming market: Apple, Deezer, Google, iHeartMedia, Pandora Media, and Spotify.
Other Prominent Vendors in the market are: Aspiro Group, Curb Records, Gaana.com (Gamma Gaana), Guvera, Hungama MyPlay, Mixcloud, Myspace, Napster, RadioTime, Saavn, and SoundCloud.
Commenting on the report, an analyst from Research team said: “The latest trend gaining momentum in the market is Rise of wearable technology. Wearable technology is one of the fastest-growing markets in the consumer electronics segment. With the growing popularity and availability of smartwatches such as Apple Watch, LG G Watch R, and Moto 360, a large number of music service providers are developing compatible applications for these devices. For instance, Soundhound, Shazam, and Pandora Radio are some of the compatible music apps for Apple Watch, whereas Google Play supports Moto 360. As these apps enable direct access to the music service through the wearable device, users can access music at their convenience and even on the go”
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According to the report, one of the major drivers for this market is High growth in mobile ad spending market. Mobile advertising is currently one of the most popular methods of advertising. The increased penetration of smartphones and tablets worldwide is one of the major driving forces for the growth of digital music. Vendors also offer free downloading and streaming services for mobile devices. Mobile ad spending is one of the major sources of revenue for digital music service providers, which in turn supports the growth of the music streaming market. In 2016, the global mobile ad spending market was valued at $98.95 billion, and we expect this to grow at a CAGR of 13.07% to reach $182.89 billion by 2021.
Further, the report states that one of the major factors hindering the growth of this market is Intense competition and inconsistent user preferences. Competition among service providers in the global music streaming market is very intense, especially in the developing countries. The markets in developing countries such as India are highly fragmented, with the presence of a number of global as well as domestic players. This leads to intense competition and, in turn, price wars among mobile app vendors. These price wars have significant negative impact on the growth of the market, as cost is one of the major differentiating factors for consumers in these countries.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key questions answered in this report: What will the market size be in 2021 and what will the growth rate be; What are the key market trends; What is driving this market; What are the challenges to market growth; Who are the key vendors in this market space; What are the market opportunities and threats faced by the key vendors; What are the strengths and weaknesses of the key vendors;
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Mr. Jeet Jain