GMR Analytics launches comprehensive market analysis on the global Music Streaming market. The global market for Music Streaming is projected to reach US$8.1 billion by 2020, driven by the emerging new era of streaming media delivery supported by the proliferation of high-speed Internet, cloud technologies, and the changing rules for accessing media in the emerging world of mobile and connected devices.
The emergence of digital music and proliferation of the Internet has transformed the way music is accessed worldwide. Music streaming, also called streaming audio, enables real-time, uninterrupted listening to music without the need to download the file. The service allows users to legally gain access to millions of songs in high quality in return for a nominal subscription fee or for free over a service-defined period. Proliferation of smartphones and robust mobile Internet are driving the trend towards mobile streaming. With technology allowing people instant access to products and services, demand for instant music access coupled with innovation in services are contributing to rapid growth in popularity of on-demand music streaming. With consumerism creating the “Impulse Society”, consumer culture today stands elevated to immediate gratification of information, entertainment and communication needs. Anywhere, real-time, and instant access to music are buzzwords for success in the music retailing industry. Paid-for or subscription music streaming is the largest contributor to overall revenue in the on-demand streaming market. Ad-supported music streaming accounts for the largest share of the market in terms of number of users, while its contribution in terms of revenue remains small.
The research report titled “Global Music Streaming Market Analysis: 2015-2020” announced by GMR Analytics, provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Music Streaming in terms of US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe) Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Middle East & Africa (South Africa and Rest of Middle East & Africa) and Latin America (Brazil, Mexico and Rest of Latin America).