Industry Background:
Online Music Systems are multimedia playback software as well as applications which offers music on the go through online portals. Growing internet penetration and digitalization has revolutionized online music platforms as they come up with various offerings through these platforms. These platform offers online music streaming, downloading, sharing and connecting with friends features. This software enables all the songs fed by the service provider independent of the local data storage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Spotify (Sweden), Apple (United States), Alibaba (China), Joox (Tecent) (Hong Kong), Baidu (China), Kugou (China), Amazon Prime (United States), Deezer (France), GooglePlay (United States), Pandora (United States), 163Music (China) and IHeartRadio (United States) |
According to AMA, the market for Online Music is expected to register a CAGR of 14.7% during the forecast period to 2030. This growth is primarily driven by Increasing Internet Penetration and Digitalization and Growing Inclination towards Any Music at Any Time.
Globally, a noticeable market trend is evident Introduction to Cloud Storage Enabled Music Players which is able to play all the Songs Irrespective of Phone Memory
The Home Entertainment Software sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Spotify (Sweden), Apple (United States), Alibaba (China), Joox (Tecent) (Hong Kong), Baidu (China), Kugou (China), Amazon Prime (United States), Deezer (France), GooglePlay (United States), Pandora (United States), 163Music (China) and IHeartRadio (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Since the number of manufacturers is available in the online music market, it shows strong competitive rivalry. The threat of new entrants is also moderate since the online music software have to provide cloud-based solutions which require higher initial investments. Thus, it will fragment the overall competition to some extent. Moreover, the number of audio players, as well as music systems which work with a local database, are available in the market. That will further deteriorate the competitive rivalry in the global online music market. Some of the prominent vendors for this market are Spotify, Apple, Alibaba, Joox and many others.
Key Developments in the Market:
In December 2023, Sona launched its music streaming platform and marketplace to reward fans for buying ‘digital twins’ of songs. Sona is a new web3 streaming protocol that uses DeFi primitives (decentralized finance basic building blocks) to put the financial power back into artists’ hands with its rewards model, auctions and ad-free streaming.
In January 2024, the European parliament plenary adopted the initiative report of MEP Ibán García del Blanco on “Cultural diversity and the conditions for authors in the European music streaming market” with an overwhelming majority. The report acknowledges the significant problems faced by creators and suggests Union-level initiatives to set the ground for a fairer and more sustainable ecosystem in this ever-growing market.
Influencing Trend:
Introduction to Cloud Storage Enabled Music Players which is able to play all the Songs Irrespective of Phone Memory and Adoption of AI enabled Online Music Software which permits the software to play song according to User’s Mood
Market Growth Drivers:
Increasing Internet Penetration and Digitalization and Growing Inclination towards Any Music at Any Time
Challenges:
Low Quality Streaming and Unavailability of Offline Music Platforms and Occasional Instances of System Crashes
Restraints:
Inappropriate and Comparatively Higher Subscription Charges and Higher Data Consumption and Prerequisite of Stable Internet Connections
Opportunities:
Emergence of High Speed Internet Connection with improved Bandwidth such as 5G Technology and Increasing Awareness as well as interest about the Regional Songs
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Online Music Market
- Analysis about New Entrants in Online Music Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Online Music Study Sheds Light on
The Online Music Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Online Music industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Online Music industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.