About Online Music
Online Music Systems are multimedia playback software as well as applications which offers music on the go through online portals. Growing internet penetration and digitalization has revolutionized online music platforms as they come up with various offerings through these platforms. These platform offers online music streaming, downloading, sharing and connecting with friends features. This software enables all the songs fed by the service provider independent of the local data storage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
CAGR | 14.7% |
Since the number of manufacturers is available in the online music market, it shows strong competitive rivalry. The threat of new entrants is also moderate since the online music software have to provide cloud-based solutions which require higher initial investments. Thus, it will fragment the overall competition to some extent. Moreover, the number of audio players, as well as music systems which work with a local database, are available in the market. That will further deteriorate the competitive rivalry in the global online music market. Some of the prominent vendors for this market are Spotify, Apple, Alibaba, Joox and many others. Analyst at AMA Research estimates that United States and Chinese Players will contribute the maximum growth to Global Online Music market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Spotify (Sweden), Apple (United States), Alibaba (China), Joox (Tecent) (Hong Kong), Baidu (China), Kugou (China), Amazon Prime (United States), Deezer (France), GooglePlay (United States), Pandora (United States), 163Music (China) and IHeartRadio (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Grooveshark (United States), Mixcloud (United Kingdom), LAST.FM (United Kingdom), Slacker Radio (United States), SoundCloud (Germany), Myspace (United States), 8 Tracks (United States) and The Sixty One (France).
Segmentation Overview
AMA Research has segmented the market of Global Online Music market by Type (Rechargeable and Free), Application (Car, Web, Mobile and TV) and Region.
On the basis of geography, the market of Online Music has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Influencing Trend:
Introduction to Cloud Storage Enabled Music Players which is able to play all the Songs Irrespective of Phone Memory and Adoption of AI enabled Online Music Software which permits the software to play song according to User’s Mood
Market Growth Drivers:
Increasing Internet Penetration and Digitalization and Growing Inclination towards Any Music at Any Time
Challenges:
Low Quality Streaming and Unavailability of Offline Music Platforms and Occasional Instances of System Crashes
Restraints:
Inappropriate and Comparatively Higher Subscription Charges and Higher Data Consumption and Prerequisite of Stable Internet Connections
Opportunities:
Emergence of High Speed Internet Connection with improved Bandwidth such as 5G Technology and Increasing Awareness as well as interest about the Regional Songs
Market Leaders and their expansionary development strategies
In December 2023, Sona launched its music streaming platform and marketplace to reward fans for buying ‘digital twins’ of songs. Sona is a new web3 streaming protocol that uses DeFi primitives (decentralized finance basic building blocks) to put the financial power back into artists’ hands with its rewards model, auctions and ad-free streaming.
In January 2024, the European parliament plenary adopted the initiative report of MEP Ibán García del Blanco on “Cultural diversity and the conditions for authors in the European music streaming market” with an overwhelming majority. The report acknowledges the significant problems faced by creators and suggests Union-level initiatives to set the ground for a fairer and more sustainable ecosystem in this ever-growing market.
Key Target Audience
Online Music Software or Service Providers, Online Music Platform Distributors/Traders/Wholesalers, Industry Associations, Downstream Vendors for Online Music Services, Government Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.