MarketResearchReports.biz has made the addition of a new market research report to its repository. The report is titled “Global Music Streaming Market 2017-2021”. The unprecedented rise in the usage of electronics and smartphones has triggered a major demand for music streaming across the globe. In order to provide a seamless connected experience to the users, smartphone firms are investing in the market to explore their best possible options. The demand for music streaming in the market is expected to grow as vendors are coming up with innovative interfaces and applications that are estimated to be compatible with various wearable devices. The shift from listening to online music to cloud-based music has provides a fertile ground for the vendors. According to the report, the global market for music streaming will witness a rise at a 14.05% CAGR from 2017 to 2021.
Cloud-based storage helps in saving, downloading, playing, and sharing content with much ease. Moreover, due to increase in number of music schools, innovations in digital music format, rise in the number of people visiting and watching the concerts, and efforts of music companies attempting to expand their reach on the global scale in developing economies have collectively led to an unwavering support to the global market. The key players in the market are experimenting with the new strategies to grow the businesses such as providing the advanced features on the lines of mobile subscription, curation, recommendations, and embedding music in social media. For example applications such as Wynk, Spotify, and others allows the user to login from their social media account in order to share the playlist among their friends.
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However, the lack of ownership in the music streaming market is likely to be a factor contributing towards the obstruction for the industry to grow in the global market. On The basis of geography, the global music streaming market is divided into Asia-Pacific, North America, Latin America and Africa. The market is led by Asia-Pacific at a steady CAGR of 21% by the end of 2020. The mobile network companies are investing the market by offering new plans and user benefits of high-quality music at a very nominal price. Moreover, owing to emergence of high speed internet with 4G speed and rise in the usage of electronic gadgets fuels the market growth.
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To gain a competitive edge over the competitors, the leading players are attempting to develop new technologies. Various vendors are also turning towards mergers and acquisitions, due to high demand in the market. Deezer, Apple, Google, Pandora, iHeartMedia are some of the leading players in the global music streaming market. The research report provides a thorough understanding of the competitive landscape along with sharing valuable insights about the future of the market.