LONDON, Sept. 07, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the music streaming market, artificial intelligence and machine learning in music streaming devices are the key trends in the music streaming market. Technologies like artificial intelligence and Machine learning enhance the music streaming experience by increasing storage and improving the search recommendations, improving the overall experience.
For instance, in January 2022, Gaana, an India-based music streaming app introduced a new product feature using artificial intelligence to enhance the music listening experience for its listeners. The app will modify music preferences using artificial intelligence to suit a person’s particular occasion or daily mood.
The global online music streaming market size is expected to grow from $24.09 billion in 2021 to $27.24 billion in 2022 at a compound annual growth rate (CAGR) of 13.08%. The global music streaming market share is expected to grow to $45.31 billion in 2026 at a compound annual growth rate (CAGR) of 13.57%.
The increasing adoption of smart devices is expected to propel the growth of the music streaming market. Smart devices such as smartphones, and smart speakers have changed the way of listening to music. They include smart features like the ability to set alarms, play music on voice command, control smart devices in-home, and stream live music, as they are powered by a virtual assistant. For instance, according to statistics from Amazon Alexa 2020, nearly 53.6 million Amazon Echo speakers (smart speakers) were sold in 2020 which increase to 65 million in 2021. Therefore, the increasing adoption of smart devices will drive the music streaming market growth.
Major players in the music streaming market are Amazon, Apple, Spotify, Gaana, SoundCloud, YouTube Music, Tidal, Deezer, Pandora, Sirius XM Holdings, iHeartRadio, Aspiro, Tencent Music Entertainment, Google, Idagio, LiveXLive, QTRAX, Saavn, Samsung, Sony Corporation, TuneIn, JOOX, NetEase, Kakao and Times Internet.
The global music streaming market is segmented by service into on-demand streaming, live streaming; by content into audio, video; by platform into application-based, web-based; by revenue channels into non-subscription, subscription; by end-use into individual, commercial.
North America was the largest region in the music streaming market in 2021. The regions covered in the global music streaming industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Music Streaming Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide music streaming market overviews, music streaming market analyze and forecast market size and growth for the whole market, music streaming market segments and geographies, music streaming market trends, music streaming market drivers, music streaming market restraints, music streaming market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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