Music Streaming Service to Become Significant Trend in Music Industry

A music streaming service is a platform that streams music directly to the device. The streaming is done without downloading the content from the internet. The popularity of the service as it does not require any storage as it is played online. The platform also focuses on music, podcasts, and other digital audio. They have a recommendation engine that helps in the discovery of other songs and users may enjoy their listening.

Desire to listen to music without any interruptions and listen to favorite music without downloading the file. It has gained popularity over time as the internet penetrated in the music industry. Rise in the usage of 5G connectivity has become of one of the popular trends in the market for music streaming services.

Increasing penetration of digital channels and the use of various smart devices has allowed various users to listen to music. Platforms allow users to listen not only to music but also to podcasts and audio. Such streaming services are gaining attention due to their personalized playlists, song recommendations, and trouble-free connectivity.

According to the study by Business Research Insights, the global market for music streaming services was valued at USD 7.56 billion in 2021 and is estimated to reach USD 22.61 billion with a CAGR of 16.6% during 2022-2028.

Key Market Players listed are as follows:

• Spotify
• Google
• Microsoft
• Pandora
• Jamendo
• Apple
• Juk
• Heartbeats International
• SOUNDMACHINE
• Rockbot
• Amazon
• Cloud Cover Music
• Auracle Sound
• Kasimu
• Custom Channels
• Express Melody
• Legis Music
• Soundreef
• StrorePlay
• Qsic
• Brandtrack

Market players of the company have been offering high-quality sound, region-wise content, and innovative features. In June 2020, YouTube launched its new feature called “Chapters” which enables the navigation for long videos. Users have to scroll through the navigation bar for the location of a particular video.

Business Research Insights Presents the Top 5 Prominent Players in the Music Streaming Services Market:

1. Spotify

Founded in 2006, Spotify is a Swedish audio streaming and media service. The company is founded by Martin Lorentzon and Daniel Ek. It is one of the largest music streaming companies with 456 million active users monthly. It is headquartered in Stockholm, Sweden. The company offers digital copyright-restricted podcasts and music with more than 82 million songs. It offers services in Europe, Asia, Africa, the Americas, and Oceania. The service is currently available in more than 180 countries. Users can search music based on genre, album, and artist.

2. Jamendo

Jamendo is a music website based in Luxembourg. It is a subsidiary of Independent Management Entity (IME) and AudioValley based in Belgium. It was founded in 2004 with founders Laurent Kratz, Pierre Gerard, and Sylvain Zimmer. The name of the company is derived from the fusion of “crescendo” and “jam session”. The economic model of the service provides free music download and streaming for Internet users.

3. Apple

Apple Music is audio, music, and video streaming service which is developed by Apple Inc. The service has access to more than 75 million songs and content can be streamed or downloaded offline. There also various songs available based on genre radio stations and songs curated with Beats 1 radio station. The company finds its main office in Cupertino, California, U.S. and serves in more than 167 countries in all over the Americas.

4. Pandora

Pandora is music streaming service based on subscription owned by Sirius XM Holdings located in Oakland, California. The service focuses on recommendations which are based on the “Music Genome Project”. The company was founded in 2000 initially as Savage Beast Technologies. In 2017, the company launched Pandora Premium which is on-demand version more in-lined with competitors.

5. Jukeboxy

Jukeboxy is a New York-based startup which offers licensed background music throughout the U.S. It offers customized playlists and users can like, check in, and push playlists. It also offers a wide library of music and also enables social interaction between businesses and its customers.

5G Connectivity in Music Industry to Offer Various Prospects

Steady network and development of 5G connectivity is expected to become one of the popular trends in the market. With 5G capabilities to share data faster than 4G, companies have been offering music streaming with high fidelity. Wide accessibility to artists’ music and albums is one of the additional factors, which is set to offer market with profitable prospects. For live streaming music videos, AR, VR, and hologram concerts has been gaining wide popularity in music industry.