The Asia Pacific Music Streaming Market would witness market growth of 17.8% CAGR during the forecast period (2020-2026).
The increasing popularity of digital platforms and the rising adoption of smart devices will impact the market growth of the industry in a positive way over the forecast period. The music streaming platforms allow the user to listen to songs, podcasts, and also watch music videos. Furthermore, these platforms provide features like customization of the playlist, song recommendations, and easy accessibility to apps and browsers, which will gain the attention of the users over the forecast period. The increasing genre of the podcast on the music streaming platform is driving the market.
Moreover, the market is expected to register a rapid growth amidst the Covid-19 pandemic globally, as outdoor activities like live shows and concerts are paused and there is a subsequent rise in the usage and download of the music streaming apps. For example, Spotify has registered an increase in its monthly active users by 29% yearly to 299 million users in the second quarter of the year 2020. The growing rate of digitalization and the increasing adoption of digital music are boosting the growth of the market.
The availability of audio and video content on the music streaming platform is making music more accessible for everyone around the globe. There are many other benefits of the streaming platform that are working in the favor of the market, which include the high quality of streamed content and the fact that the content does not require additional storage in the user’s device. Customers are notified of the new release from their favourite artists. Further, the subscribers can easily make their own audio and video playlists, hence increase the popularity of the platforms among the young generation.
Based on Content Type, the market is segmented into Audio and Video. Based on Platform, the market is segmented into Apps and Browsers. Based on Service Type, the market is segmented into On-demand Streaming and Live Streaming. Based on End User, the market is segmented into Individual and Commercial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Apple, Inc., Google, Inc., Tencent Music Entertainment Group (Tencent Holdings Ltd.), Spotify Technologies S.A., SoundCloud Ltd., Sirius XM Holdings, Inc. (Pandora Media, Inc.), iHeartMedia, Inc. (Thomas H. Lee Partners), Deezer S.A. (Access Industries Holdings LLC) and Aspiro AB (Tidal)
Scope of the Study
Market Segments covered in the Report:
By Content Type
By Service Type
• On-demand Streaming
• Live Streaming
By End User
• South Korea
• Rest of Asia Pacific
• Amazon.com, Inc.
• Apple, Inc.
• Google, Inc.
• Tencent Music Entertainment Group (Tencent Holdings Ltd.)
• Spotify Technologies S.A.
• SoundCloud Ltd.
• Sirius XM Holdings, Inc. (Pandora Media, Inc.)
• iHeartMedia, Inc. (Thomas H. Lee Partners)
• Deezer S.A. (Access Industries Holdings LLC)
• Aspiro AB (Tidal)
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