Global Online Music Streaming Market 2022-2028

Global Online Music Streaming Market 2022-2028

Global Online Music Streaming Market Size, Share, & Analysis by service (on-demand streaming, live streaming) by content-type (audio streaming, and video streaming), by platform (browser, and application), by end-user (residential, and commercial) by revenue model (subscription, and advertisement) Forecast Period (2022-2028). The global online music streaming market is anticipated to grow at a lucrative CAGR of XXX% during the forecast period. The market is expected to reach $XXX million in 2028 up from $XXX million in 2021. The growing popularity of podcast genres among the users on these platforms also bolsters the market growth. The online music streaming model allows the user to listen to music on their preferred devices without owning any digital music files. The online music streaming services comprises platforms that allow users to listen to audio, podcasts, and watch music videos. The online platforms also offer features such as playlist auto customization, song recommendations, and hassle-free accessibility on almost all devices. The growing acceptance of digital platforms among the users along with the increasing adoption of smart devices is positively influencing the industry growth over the forecast period. Another major factor that drives the growth of the market includes the increasing smartphone penetration, economical internet prices, increasing reach of high-speed internet (4G) along with increasing disposable income. According to ITU (International Telecommunication Union), internet users are extensively increasing every year. According to ITU, nearly 4 billion people were using the internet as of 2021, up from 3.7 billion in 2021. Moreover, the higher young age population share to the total population, which are more inclined to the usage of advanced technologies is also a major factor for the growth of the market across the globe. Besides, the increasing number of companies entering the market which is also a positive factor for the growth of the market.Regional Overview

Based on the geographical viewpoint, the global online music streaming market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North American is anticipated to be the substantial shareholding region in the global online music streaming market. The growth of the market is attributed to the high awareness regarding online music streaming services, and wide acceptance of such advanced services, along with advanced technologies such as smart devices.Recent Developments

In September 2021, Amazon Music launched the podcasts for the first time in countries including the UK, the US, Germany, and Japan, across all tiers of services without any additional cost. Top podcasts will get streaming on Amazon Music and as well as original shows produced especially for Amazon Music which will be hosted by creators that will include Becky G, Will Smith, DJ Khaled, and more.

In September 2021, Amazon Launched a new high-quality streaming Tier of Amazon Music Service that is called AMAZON MUSIC HD. For prime members, it is priced at $12.99/month and $14.99 for everyone else and it can be added to the existing Amazon Music Subscription at an additional cost of $5/month.