Published on : Dec 07, 2018
ALBANY, New York, Dec 07, 2018: A report titled, “Global Market Study on Music Streaming: On-demand Streaming Segment Expected to Grow Globally Through 2026,” added by ResearchMoz.us to their vast repository, presents an in-depth study of this market by covering various associated factors. The report acts as a valuable insight to all businesses working in this field.
In recent times, technology has made breakthroughs in myriad fields, and has been successful in bringing forth extensive development in such sectors too. One such domain where use of technology for making processes simpler is the music industry, thereby giving rise to online platforms for music streaming. A rapidly increasing demand among different communities across the world to get their hands on the latest released music is majorly responsible for driving the global music streaming market.
Moreover, a rise in the production rate of new music albums and tracks too is making many artists take up online music platforms as a way to sell their work. Moreover, with increasing use of internet facilities coupled with improving connectivity speeds, and rising use of smartphones and tablets is also a prime factor driving growth in the global music streaming market. In addition, decreasing internet data charges along with increasing awareness against piracy and surging global population also are key factors driving growth in the global music streaming market.
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However, high costs of maintaining the streaming platform are majorly restraining growth in the global music streaming market. Moreover, many of the platforms are not available in several regions due to remoteness and low quality internet connectivity. This too hampers the market from a geographical perspective. In addition, many people especially from the rural regions are unaware about the existence of these platforms. They also find it substantially complex to operate the relevant programs, thus making it difficult for the platforms to get popularized in these regions.
With competition rapidly getting saturated, players who ventured into this domain in its earlier times continue to triumph over the newer businesses. This has made it notably difficult for the latter thrive in the global music streaming market, thereby existing as a key market restraint. Nonetheless, several players are trying to improve their geographical standing in the market by expanding their reach and awareness through advertisements and capitalizing on emerging economies. This could certainly reduce most restraints affecting the global music streaming market in the near future.
The global music streaming market depicts the presence of a highly competitive and fragmented vendor landscape, mainly due to the presence of numerous players. With changing times, several local players are gradually making it tough for renowned and international companies to grow in this sector, by providing comparatively less-expensive services. Apple, Google, Amazon Music, Spotify, Deezer, Pandora, SoundCloud, JOOX, TIDAL, and iHeartRadio, are key players operating in the global music streaming market. With increasing number of players in the near future, the competition is likely to further intensify.
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