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Music Streaming Market 6.7% of CAGR with Growing Industry Opportunities by 2027

As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular in North America. The digital music market is accelerating as the consumers are attracted toward purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, and Apple Music are some of the prominent digital music platform providers.

The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscriptions is playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving at a rapid pace. Owing to the availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees are required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.

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The reports cover key developments in the Music Streaming market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Music Streaming market are anticipated to lucrative growth opportunities in the future with the rising demand for Music Streaming market in the global market.

Key Players Influencing the Market

  1. Amazon.com, Inc.
  2. Apple, Inc.
  3. Deezer
  4. Google LLC
  5. iHeartMedia Inc.
  6. Pandora Media, LLC
  7. SoundCloud
  8. Spotify Technology S.A
  9. Tidal

The introduction of cloud-based music in the North America music streaming market is expanding, which in turn drives the adoption of music platforms. The vendors are developing several user-friendly applications to ensure easy streaming of music over tablets and smartphones. The availability of cloud feature in music streaming platform is boosting the adoption of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income of population, and increasing smartphone adoption are propelling the adoption of digital music platforms at a significant rate. With respect to subscriptions in digital platforms, below are some of the subscription plans provided by prominent music streaming service providers to increase number of music subscribers.

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North America Music Streaming Market Segmentation

North America Music Streaming Market, by Content Type

  • Audio Streaming
  • Video Streaming

North America Music Streaming Market, by Streaming Type

  • Live Streaming
  • On-Demand Streaming

North America Music Streaming Market, by EndUser

  • Commercial
  • Individual