Global Audio Streaming Market Size By Platform (Smartphones, Laptops And Desktops), By End Services (Subscription-Based Services, Ad-Supported Services), By Geographic Scope And Forecast
Report ID: 10866|No. of Pages: 202
Global Audio Streaming Market Size By Platform (Smartphones, Laptops And Desktops), By End Services (Subscription-Based Services, Ad-Supported Services), By Geographic Scope And Forecast
Audio Streaming Market Size And Forecast
Audio Streaming Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2021 to 2028.
Various factors such as an increase in young music consumers, a shift from broadcast radio to streaming platforms, licensed music consumption, an increase in consumer spending on music, unique content/features, a huge ability for artists and labels to monetize free play, and the ease of developing a music streaming app are supporting the Global Audio Streaming Market. The demand for high-quality audio streaming is increasing as a result of these causes. The Global Audio Streaming Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Audio Streaming Market Definition
Audio streaming combines a buffering system with a secure data stream platform to provide users with uninterrupted access to full audio files. It uses a network connection to transmit real-time audio. Certain methods for handling the chronology of data packets or other communication kinds are required in order to provide on-demand content to its subscribers. Traditionally, several primary types of connections were utilized that did not deliver uninterrupted audio, such as dial-up internet or lesser bandwidth connections, but there is now an increasing demand for high-quality audio streaming.
Audio streaming is a technique that allows you to stream audio files to your computer over the Internet, such as music or voice-overs. If you wish to listen to music or any other type of audio, you must first download an audio file in a format such as MP3, WAV, or WMA. In the case of audio streaming, however, there is no need to first download the entire audio file. The audio file is sent in tiny packets via audio streaming. When the data is received, it is delayed for a few seconds before being played again. As the audio plays, more info is always arriving. You will hear the audio as long as there is a consistent stream of these packets supplied to your computer/mobile phone.
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Global Audio Streaming Market Overview
During the projected period, the rising popularity of digital platforms and the increasing usage of smart devices are expected to have a beneficial impact on industry growth. On platforms that provide music streaming services, users can listen to audio, and podcasts, and see music videos. Furthermore, these platforms provide features such as song suggestions, automatic playlist customization, and hassle-free accessibility on apps and browsers, all of which are likely to attract end-user attention during the forecast period. The market is being pushed even further by an increase in podcast genres on these platforms. To prevent the virus from spreading, the majority of countries affected by COVID-19 have declared lockdowns.
As a result, the number of users that engage in live streaming on platforms like YouTube and Instagram has increased. The revenue from online music subscriptions grew year over year in the first quarter of 2020, according to the China-based Tencent Music Entertainment (TME) business. In addition, the number of people who pay for music online has increased by almost. Furthermore, the market is being propelled forward by the rising popularity of live streaming and the availability of local content on online platforms. The increase in the number of service suppliers and the widespread use of smartphones around the world are boosting industry growth.
Furthermore, to get a competitive advantage over competitors, leading market participants are working on the integration of sophisticated technologies such as 5G for streaming, Augmented Reality (AR), Virtual Reality (VR), holographic, and Artificial Intelligence (AI) into their music streaming platforms. MelodyVR, a virtual reality music platform, has amassed a library of live events that can be viewed on VR headsets such as the Oculus Go and Samsung Gear VR, as well as Android and iPhone devices via its app. Meanwhile, Deezer, a French music streaming service, offers clients a total immersion AR music experience through a Snapchat lens.
Global Audio Streaming Market: Segmentation Analysis
The Global Audio Streaming Market is Segmented on the basis of Platform, End Services, And Geography.
Audio Streaming Market, By Platform
- Smartphones
- Laptops & Desktops
- Tablets
Based on Platform, The market is segmented into Smartphones, Laptops & Desktops, and Tablets. During the forecast period, Smartphones are expected to see the fastest growth. The increase in the number of service providers and the widespread use of smartphones around the globe are propelling industry growth. In addition, prominent market players are concentrating on the integration of modern innovations such as 5G for streaming and Augmented Reality.
Audio Streaming Market, By End Services
- Subscription-Based Services
- Ad-Supported Services
Based on End Services, The market is segmented into Subscription-Based Services and Ad-Supported Services. During the forecast period, the Subscription-based services segment is expected to see the fastest growth. Music streaming services such as Apple Music, Spotify, and others offer millions of soundtracks available for immediate streaming. The audio streaming smart device curates the music playlist based on the genres selected.
Audio Streaming Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, The Global Audio Streaming Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Because of the high adoption rate of digital music and the availability of resources that provide customers with an excellent streaming experience, North America is likely to lead the global industry in terms of growth. In addition, advanced data services such as 4g and fast internet access in the region help it. On the strength of increasing acceptance rates of apps like Saavan and Gaana, regions like China are experiencing tremendous market expansion.
Key Players
The “Global Audio Streaming Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Apple Inc, Spotify, Netflix, Deezer, iHeartRadio, Pandora, Gaana, NetEase, YouTube, SoundCloud.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In July 2020, Spotify has expanded its operations to include Albania, Belarus, Bosnia and Herzegovina, Croatia, Kazakhstan, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Slovenia, and Ukraine, as well as 12 other European nations.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2017-2028 |
| BASE YEAR | 2020 |
| FORECAST PERIOD | 2021-2028 |
| HISTORICAL PERIOD | 2017-2019 |
| KEY COMPANIES PROFILED | Apple Inc, Spotify, Netflix, Deezer, iHeartRadio, Pandora, Gaana, NetEase, YouTube, SoundCloud. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Industry Analysis Matrix
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