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Mark Peters : August 27th 2017 - 02:40 CET

Music streaming is big business


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Technavio ReportsWhat's going on in the online music streaming services? : UK-based Technavio has published a new report on the global online music streaming market. The in-depth industry report identifies Apple, Deezer, Spotify, Google, iHeartMedia and Pandora Media, and as the key vendors in the worldwide music streaming market. The research report also presents a competitive analysis of the market by streaming type (paid music streaming and free music streaming), by user (commercial / individual users), and by geography location. According to their report, Technavio analysts forecast the global music streaming market to grow at a CAGR of over 14% during 2017-2021. The increased penetration of smart devices such as tablets and mobile phones is one of the major driving forces for the growth in the music streaming business.
Music streaming business

Music streaming business
The newly released research study covers the present scenario and growth prospects of the global music streaming market for 2017-2021. The music streaming business is likely to experience high growth during the forecast period.

This growth may also be attributed to the new innovative features offered by music streaming service providers, which allow consumers uninterrupted access to music collections without the need for downloading the soundtrack. Consumers around the world can legally access high-quality music songs for free for a pre-defined period or by paying a nominal subscription fee.

Analysts and experts at Technavio highlight three factors that are contributing to the growth of the music streaming business: High growth in mobile advertising spending market, increased use of smartphone applications and increasing number of subscription services.

Penetration of smartphones

Penetration of smartphones and tablets
Mobile advertising is currently one of the most popular methods of advertising. The increased market penetration of mobile phones and tablets worldwide is one of the major driving forces for the growth of digital music business.

Vendors of online streaming platforms also offer free downloading and streaming services for mobile devices. Spending more money on mobile advertising is one of the major sources of revenue for digital music service providers, which in turn supports the growth of the music streaming market.

Mobile devices are now being equipped with more personalized services, such as location-based technology, which can help in segmenting potential customers for marketing purposes. This will help vendors to target their audiences with customized music playlists.

Music streaming subscription services

Music streaming subscription services
The subscription services for digital music and streaming are becoming increasingly popular among users. Many music streaming apps have started to provide social media integration services allowing them to personalize music preferences and content.

Online music streaming providers such as Spotify, SoundCloud, and Wynk are also linked to social media platforms such as Facebook, and users can share music and playlists with others music lovers.

Online music streaming applications and services are also adopting the freemium business model that aims at converting free users to premium services while ensuring sustainability. Free users usually migrate to access unlimited and uninterrupted content, which leads to an increase in subscription services and results in the growth of the music streaming market on the whole.

Mobile streaming apps

Mobile streaming apps
The global market for mobile apps is growing rapidly. Most of the service providers are developing their mobile app to provide ease of access and usage to customers. Music streaming service providers initially offered music services through their websites only.

With the growing adoption of smartphones and the consequent increase in mobile app downloads, most of the songs and music albums are now available in-app for streaming and downloading. This provides easy payment options for subscriptions to digital content, which attracts and retains many customers.




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