DUBLIN, May 25, 2015 /PRNewswire/ --Research and Markets(http://www.researchandmarkets.com/research/kc3dvg/global_music) has announced the addition of the "Global Music Streaming Service Market 2015-2019" report to their offering.
The global music streaming service market to grow at a CAGR of 12.57% over the period 2014-2019
Streamed music refers to a service that enables users to stream and listen to music/songs using a device connected to the Internet. Service providers purchase digital rights from music recording companies and based on the subscription type, users can access tracks listed on the service provider's application and website. Many service providers offer online radio streaming services. The user can also download music and playlists directly to their devices for offline listening on the go without using the Internet.
Major music recording firms such as Universal Music Group, Warner Music Group, and Sony Music Entertainment have adopted corporate strategies such as M&A, strategic alliances, and partnerships in order to revitalize their market presence. For instance, Sony has collaborated with Spotify to launch PlayStation Music. Sony's Music Unlimited closed on March 29, 2015 and was replaced by Spotify's 1.5 billion playlists. Also, in August 2014, Apple acquired the music streaming service from Beats Music for $3 billion. Hence, an upsurge in market consolidation is increasing the presence and reach of the market.
According to the report, increased integration of streaming applications with social media platforms such as Facebook has increased music subscriptions significantly. For instance, the collaboration between Spotify and Facebook allows new Spotify users to access the application via Facebook and share custom playlists with their friends. Spotify's freemium business model is aimed at encouraging free users to migrate to premium paid services while ensuring their sustainability, helping the market gain momentum.
Further, the report states that issues with data security is one of the major challenges for the market.
The report consolidates the revenues generated from the following devices:
- iHeart Media
- Pandora Media
Other Prominent Vendors
- Clear Channel Radio
- Hungama MyPlay
- JB Hi-Fi Pty
- Samsung Music Hub
For more information visit http://www.researchandmarkets.com/research/kc3dvg/global_music
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SOURCE Research and Markets