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Global Music Streaming Market: OverviewMusic streaming refers to the transmission of music in compressed form by using the internet and retrieved and played as per user’s convenience and time, without downloading. These services do not require additional storage space; it provides access to millions of songs as per user’s choice.
Global Music Streaming Market: DynamicsIncreasing number of internet users and rising adoption of smartphones and laptops across the globe are some major factors expected to drive the growth of the global market over the forecast period.
In addition, increasing digitization and consumer preference towards adoption of advanced consumer electronics products are some other factors expected to further fuel growth of the target market over the forecast period. Moreover, availability of rare and dormant music as per user’s continence and time is another factor expected to boost the growth of the target market over the forecast period. ‘demand and when demanded is acting as a catalyst for the growth of music streaming market.
Music streaming has witnessed an upsurge in the past three years with increasing digitalization and increasing adoption of digital music. As a result of increasing adoption of music streaming, a decline in the market share of downloaded music, in the global digital music market, is witnessed, in terms of value.
In this report, PMR has segmented the global music streaming market on the basis of the type of streaming, end-user, content type and region. By type of streaming, the market is sub-segmented into rugged live streaming and on-demand streaming. With the increasing introduction of audio music streaming applications, offering advanced features with its subscription-based music streaming applications, end-users across the globe have started adopting on-demand music streaming services.