Revenue in the music streaming market has skyrocketed during the coronavirus crisis. Companies are upgrading their online and offline marketing strategies by offering subscriptions and free services up to certain months. Such offers eventually lead to more conversions of users, thus boosting revenue opportunities.
The COVID-19 pandemic has accelerated collaborations among music artists. This is translating into incremental opportunities for companies in the music streaming market via advertisements and subscriptions. These companies are sifting through artist data to attract similar artists in each country to enable local user targeting and increase return on investment. As such, viewership on emerging video sharing platforms such as Twitch for their Music and Performance Arts Category has witnessed a spurt amidst the ongoing coronavirus pandemic.
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Apple Music or Spotify: Which is Better?
The music streaming market is projected to advance at an astonishing CAGR of ~15% during the assessment period. Online reviews and recommendations of bloggers are influencing the decisions of listeners. For instance, weighing the pros and cons of music streaming platforms such as Apple Music and Spotify is impacting subscriber base. Both Apple and Spotify are priced at the same value for users and students; however, Spotify is ad-supported but Apple’s has ads for only Beats1 radio.
The number of songs in the App’s music library also influences a listener’s preference. Hence, companies in the music streaming market are adopting artificial intelligence (AI) and machine learning (ML) to recommend songs as per the listener’s preference.
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Personalization, Artist Analytics Apps Increase Market Competition
The music streaming market is projected to surpass US$ 103.7 Bn by 2030. Companies are realizing that highly advanced personalization is crucial in streaming apps. The combination of ML and human curation has led to the creation of data-driven playlists that are capable of getting smarter over time. App developers are making potential enhancements for user’s recommendations and social discovery in conjunction with sophisticated algorithms.
On the other hand, Universal Music Group is gaining recognition for introducing its Universal Music Artists app, which offers artist and their teams a personalized view of their activity across major global streaming services and social media. Such innovations are translating into revenue opportunities for companies in the music streaming market. Artist promotion toolkits now include artist analytics apps where a musician can gain access to a wealth of information about his/her music in comparison with other musicians across Instagram, Facebook, and other platforms.
5G Connectivity, Live Streaming of Music Shows Bolster Market Growth
Increase in connectivity speed with 5G has become one of the hottest trends in the global music streaming market. Amazon is capitalizing on this opportunity to offer new Music HD service by providing lossless audio streams and downloads to fans in the U.S., the U.K., Germany, and Japan. With the potential to deliver data up to several times faster than 4G, companies will be offering high-fidelity music streams with the growing adoption for 5G.
Virtual reality (VR), augmented reality (AR), and hologram shows are anticipated to gain popularity for live streaming music videos. Such trends are bolstering growth of the music streaming market.
Smart Speakers, HD Music Drives Traffic on Streaming Apps
Streaming platforms are catering to the needs of the modern music community by making it easy and affordable for fans to legally access high-quality content from any part of the world. Companies in the music streaming market are increasing efforts to offer personalized experience to users to increase viewership and boost production of music among artists.
Companies in the music streaming market are trying to modernize the music experience, owing to a surge in smart speaker uptake, HD (High Definition) music, and data-driven insights.
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