Global Music on Demand Market 2018-2022
- November 2018 •
- 106 pages •
- Report ID: 5618621 •
- Format: PDF
The growing use of wearable technology is identified as one of the key trends that will gain traction in the market for the next four years. Wearable devices enable multi-tasking, for instance, the user can play sports and listen to songs as well. Some of the latest wearables that provide music streaming includes Apple watch and Samsung Gear. Technavio’s analysts have predicted that the global music on demand market will register a CAGR of almost 12.37% by 2022.
Surge in subscription-based services
Many music streaming applications have started providing social media integration services that allow them to personalize preferences and content. As a result, there is an increase in the number of subscription services. Online music streaming applications such as Spotify can be linked to social media platforms such as Facebook.
Intense competition and unpredictability in user preferences
The competition among service providers in the market is high with independent publishing houses, digital music service providers, concert ticket suppliers, and even individual artists fighting to gain maximum number of end-users.
For the detailed list of factors that will drive and challenge the growth of the music on demand market during the 2018-2022, view our report.
The market appears to be concentrated due to the presence of a few companies. Factors such as the growing use of wearable technology and surge in subscription-based services will provide considerable growth opportunities to music on demand manufactures. Apple, CBC/Radio-Canada, Deezer, iHeartMedia, Pandora Media, and Spotify are some of the major companies covered in this report.