The music streaming market in North America is expected to grow from US$ 10,051. 6million in 2019 to US$ 17,195. 0Mn by 2027; it is estimated to grow at a CAGR of 6. 7% from 2020 to 2027. Music streaming service providers such as Apple has witnessed increase in spending on music by the Americans.
New York, July 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Content Type, Streaming Type, End User, and Country" - https://www.reportlinker.com/p05934840/?utm_source=GNW
The company’s paid subscriber base is larger than Spotify’s in the US. In context to music subscribers, Spotify always aims to convert free listeners into paid subscribers. The paid subscription services are capturing largest market share driven by the introduction of new services such as Apple Music and TIDAL.
- In terms of music subscribers, Spotify had nearly 73.2 million monthly active subscribers at the end of 2019, in North America including 30 million (Quarter 1) premium subscribers.
- Apple Music has more paying subscribers in the US than Spotify, Apple Music had 28 million paid subscribers in the US and Spotify had 26 million.
The concept of digitalization is accelerating the popularity of digital music websites. The large portfolio of music subscribers managed by music streaming service providers is supporting the growth of music streaming market across the world.
The on-demand streaming enables the consumer to retrieve large catalogue of music online with minimal subscription fee. The number of consumers from the US making payments for purchasing subscription of on-demand streaming such as Apple Music or Spotify has been increased by 28.7% in 2019.This has resulted into increased premium subscriptions and caused a revenue increase of 27.5%. Rise in the number of music subscribers has resulted into growing demand for on-demand streaming services. The promotions and popularity of family plans in digital music platforms such as Spotify, Apple, Alphabet, and Amazon has benefited the consumers.
The digital music providers are driving inventions across the consumer listening experience throughout phones, tablets, computers, and smart devices.Owing to the availability of in-vehicle infotainment systems and smart speakers in car and home arena respectively, the music streaming providers have an opportunity to propel their business.
Some of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, Sound Cloud, Amazon Prime, and Tidal.In this context, companies such as Spotify and Amazon utilize ad-supported services to market their products.
The strategies adopted by mentioned companies helps in gaining more subscribers.Moreover, Amazon Prime Music includes prime subscriptions which further help the company to increase its customer base.
At present, the on-demand streaming is one of the most preferred services, as they use network infrastructure and on-demand audio streaming software to stream media files. Additionally, the MIDiA Research announced that in 2017, the music subscription revenue grew up to 63%. Owing to exploration in on-demand streaming, there is significant increase in the number of subscribers.
Overall size of the North America music streaming market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America music streaming market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America music streaming market are Amazon.com, Inc., iHeartMedia Inc., Apple, Inc., and Spotify Technology S.A. are among a few players operating in the North America music streaming market.
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