Mobile Music Streaming Market Set To Record Exponential Growth by 2030

Music Streaming Market

In the next few years to come, the increasing usage of smart devices and rising prominence of digital platforms are likely to have a favorable influence on business growth. Users may listen to podcasts, audio, and see music videos on sites that offer music streaming services. In the forthcoming years, these platforms include functionalities like as hassle-free accessibility, automatic playlist modification, and song suggestions across applications and browsers, all of which are projected to attract end-user attention in the future years. The global music streaming market is being pushed even farther by a rise of podcast genres on these platforms.

Global Mobile Music Streaming Market - Introduction

• Mobile music streaming is defined as an online service that allows customers to stream & listen to songs/ music by using a device linked with the Internet. Service providers usually acquire or purchase digital rights from various music recording companies. Subsequently, on the basis of subscription type, customers can easily access music/songs listed on the respective application and website.
• Many service providers also provide online radio streaming services. The customer can download playlists or music openly to their devices specifically for offline listening without Internet accessibility.

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Impact of Coronavirus (COVID-19) on the Mobile Music Streaming Market

Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a positive impact on the mobile music streaming market. Nowadays, people are focusing majorly on online music streaming platforms such as Spotify, Apple, Amazon Music, and some other platforms, which are expected to influence the growth of the mobile music streaming market.

Increasing Penetration of Smartphones Coupled With Growing Usage of Mobile Internet Data Driving the Global Mobile Music Streaming Market

• Increasing penetration of smartphones and growing usage of mobile Internet data are expected to drive the global mobile music streaming market during the forecast period. Increasing adoption rate of digital music and the accessibility of resources delivering advanced streaming experiences on smartphones to consumers is significantly driving the adoption of music streaming platform on smartphones worldwide.
• According to the Global System for Mobile Communications (GSMA) 2018 report, smartphone penetration is projected to increase from 57% in 2017 to 77% by 2025. Moreover, above 2.5 billion individuals in developing nations were accessing Internet over mobile devices in 2015. Thus, usage of mobile Internet is projected to rise by 37% by the end of 2020 from 23% in 2015.
• The impact of this driver is expected to be high throughout the forecast period. Online music streaming platforms are on the rise across the globe, led by growing penetration of Internet. This is expected to boost the global mobile music streaming market in the next few years.

Increasing Internet Accessibility in Developing Countries: Opportunity for the Mobile Music Streaming Market

• The global mobile music streaming market is also driven by growing accessibility to Internet in developing countries. Developing nations are receiving constant government support for the development of electronic or digital infrastructure, which includes Internet connectivity.
• Internet accessibility is increasing across the world, including developing countries. However, it remains higher in developed nations. Approximately 60% of people in large nations have Internet accessibility. These nations include China, Russia, and Brazil. Internet accessibility rates are lower in these nations whereas in some parts of Asia and sub-Saharan Africa Internet accessibility rates are high mostly.
• Therefore, increased internet accessibility in developing countries is expected to enhance the growth of the mobile music streaming market worldwide during the forecast period.

High Subscription Plans Expected to Hamper the Market

• Online music streaming platforms usually function on a paid basis, providing monthly or annual subscription plans to customers, with various options such as downloading the music etc. Therefore, the subscription cost of online music streaming platforms is high as compared to offline music streaming platforms.
• High subscription plans are thus expected to hamper the global mobile music streaming market.

North America to Account for Major Share of the Global Mobile Music Streaming Market

• In terms of region, the global mobile music streaming market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
• North America is anticipated to account for major share of the global mobile music streaming market during the forecast period due to increasing focus on adoption of online music streaming platforms in the region, indicating potential growth of the market. Europe is expected to be the second largest market for mobile music streaming from 2020 to 2030.
• Asia Pacific is projected to be a rapidly growing market for mobile music streaming during the forecast period due to increasing smartphone penetration with internet accessibility, specifically in India, Japan, and China.

Key Players Operating in the Global Mobile Music Streaming Market Include:

• Spotify Technology S.A.
• Apple Inc.
• Amazon.com, Inc.
• YouTube
• Google LLC
• Plex Inc.

Global Mobile Music Streaming Market: Research Scope

Global Mobile Music Streaming Market, by Revenue Stream

• Paid Subscriptions
• Others (Advertisements, etc.)

Global Mobile Music Streaming Market, by Mobile Type

• Android
• iPhone

Global Mobile Music Streaming Market, by End-user

• Individual
• Commercial

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