- Companies leveraging data-driven insights for personalization in streaming apps, focus on implementing new strategies for subscription services
- Collaborations among artistes amid COVID-19 led to incremental opportunities for companies in the music streaming market
ALBANY, N.Y., July 27, 2021 /PRNewswire/ -- Music Streaming Market: Broad Overview
The research on the music streaming market reveals that the demand dynamic is greatly influenced by the growing array of various streaming platforms. Companies looking to expand their stakes have targeted new customers through extensive advertisements and promotions. A case in point is offering free subscription for accessing high-quality content. In addition, especially during the COVID-19 crisis, companies have witnessed a surge in viewership on video sharing platforms. This has opened lucrative avenues for companies and led to collaborations among artistes. For instance, there is a rising participation of artistes on the platform Twitch to connect to their listeners. Moreover, the music streaming market is also witnessing considerable growth due to live streaming of music concerts by famous singers. During the pandemic, virtual concerts in particular soared in popularity. Thus, companies in the music streaming market are expected to recalibrate their strategies to retain their customer base post-pandemic. All these trends are anticipated to propel the market past the US$ 103.7 Bn mark by the end of 2030.
Personalized Experience, Access to Streaming Platforms for High-quality Content Drive Global Market: The expansion of the music streaming market has been significantly affected by the rising popularity of streaming platforms. Furthermore, due to the launch of smart speakers and HD music, companies are witnessing massive revenue growth. Thus, several companies such as Amazon are now offering cost-effective access to high-quality music streaming.
Use of AR in Live Streaming Videos Gather Steam: Next-gen music streaming is expected to be shaped by the constant need of market players to meet individual requirements of audiences to expand customer base. Thus, many players have harnessed artist analytics tools for creating data-driven playlists. In addition, user recommendations are being incorporated by App developers, which has enabled companies in the music streaming market to enhance their product offering. The AR and VR techniques are being extensively used for live streaming music videos. Moreover, the analytics are enabling music streaming companies to fine-tune their content for the live music industry. The rising adoption of 5G network in several developed as well as developing countries is also anticipated to make live streaming more attractive for artistes and viewers alike.
Multi-device Compatibility Solutions to Offer Lucrative Opportunities: With online streaming likely to gain popularity in the upcoming years, companies are striving to build multi-device compatibility solutions that can integrate smart speakers, smart watches, HD TVs, and voice assistant devices offered by heavyweights such as Amazon, Microsoft, Samsung, and Apple.
Focus on aligning pricing of subscription to meet growing user needs is a key driver for music streaming market
Rise in penetration of smartphones and high use of mobile Internet data are key enablers for the music streaming market to expand its customer base
Adoption of advanced streaming platforms form a key platform for connecting listeners and empowering artistes
Music Streaming Market: Key Industry Players
A number of players is constantly exploring effective strategies of subscription models for recalibrating the same to attract more customers. A clutch of companies has increasingly leveraged AI and Machine Learning techniques for offering personalized music to their customers and increase revenue.
Some of the major players who are extensively investing in the music streaming market are Tencent Music Entertainment Group, Spotify Technology S.A., Sony Corporation, Samsung Electronics Co. Ltd., Saavn Media Pvt Ltd., Gamma Gaana Limited, Google LLC, Apple Inc. (Apple Music), and Amazon.com, Inc.
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