Analysis and Studies - Products analysis
Music Streaming Global Market
March 3rd 2023
Over the past decade, streaming music has become a popular way to listen to music.
It all began in the mid-2000s, when early forms of music streaming sites made it possible for users to access their favorite music with the click of a button. Later on, this idea was fully realized with the launch of specific apps, which made it easy for users to access millions of songs. Since then, streaming services have become increasingly popular, thanks to the different kinds of subscription plans that made them available to all the music lovers around the world.
The growth of the music streaming market has been driven by several factors, including the proliferation of smart devices, such as smartphones and smart speakers, changes in consumer trends and technological advancements, such as the development of artificial intelligence and machine learning. In particular, many consumers are now turning to streaming services because they offer more convenience and lower costs than buying physical music products, while also offering a personalized service.
The global music streaming market is expected to continue to grow in the coming years. In fact, its market size has been growing rapidly, reaching $13.75 billion in 2022, with North America being the largest region in the market in 2022. By 2027, the music streaming market is expected to reach a size of $18.56B.
Many countries are introducing legislation to support the growth of the market, while new streaming services are being launched. This is making the global market increasingly competitive, with streaming services offering more features that appeal to consumers.
Overall, the global music streaming market is expected to continue to grow in the coming years, driven by technological advancements, changes in consumer trends, and new streaming services. The industry is facing some challenges, however, such as competition from other digital music services, podcasts and streaming radio, and the problem of piracy. As such, the industry must continue to innovate in order to stay competitive.
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