Music streaming service that offer easy and real-time access to music is all the rage these days, thanks to the availability of affordable Internet and cloud technologies, and the changing consumer preferences. Consequently, an increasing number of people across the world are consuming music on their mobile phones. Combine this with the growing global investments flowing into the music streaming service landscape, the demand for uninterrupted access to music is unlikely to slow down anytime soon, while the top best music streaming apps continue to dominate the market with innovative technologies and enhanced features. Indeed, the market research report penned by industry experts at Technavio is proving it right.
Global Music Streaming Service Market Analysis
The number of people embracing digital music has grown rapidly over the last few years, resulting in the burgeoning growth of the global music market. In 2017, approximately 100 million individuals subscribed for music streaming, and this number is expected to grow further during the forecast period. The music streaming service market accounted for more than 36 percent of the global music market in 2017. According to the latest market research from Technavio, the global music streaming services market will be worth more than US$11.4 billion in terms of market value by 2022. Americas dominated the global music streaming apps market last year and is expected to continue to be the largest segment over the next five years.
For information about the global music streaming service market size, top music streaming service companies or best music streaming apps, as well as the latest opportunities and trends in the global music streaming market, please see Technavio’s Global Music Streaming Service Market Report 2018-2022, or download your FREE Global Music Streaming Service Market Report Sample now!
Top 10 Best Music Streaming Apps in Global Music Streaming Service Market 2018
Founded in 2008 in Sweden, Spotify has since then transformed the music streaming forever by providing access to more than 35 million songs for free. Spotify has grown into one of the world’s best music streaming apps and services with a community of over 180 million users that includes more than 83 million subscribers across 65 countries across the world. In February 2018, the company teamed up with Discord that allowed Discord desktop app users to publicly share the music they are listening to, and with Spotify’s Premium Service access, users can listen to each other’s music in real-time.
Apple, the global technology giant that manufacturers and markets iconic consumer electronics, cutting-edge computer software, and online services entered the booming music streaming market in 2015. Since then, Apple Music has stolen market share of several popular music streaming service providers with consistent updates and groundbreaking features. In 2016, Apple Music expanded into video content which attracted more users to the applications. With more than 50 million paying subscribers worldwide, Apple Music has surpassed the expectations and is likely to continue ruling the music streaming industry over the next several years.
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Deezer is one of the fast-growing digital music services in the world with more than 53 million licensed tracks, 6 million paid subscribers and over 14 million monthly active users. The company’s service is available in Windows Mobile, Windows, Android, iOS, Web, BlackBerry OS and, MacOS. Since its launch in 2007 in France, Deezer has expanded its reach to more than 189 countries across the world. Over the years, Deezer has formed partnerships with several companies including Samsung Electronics, Toshiba, and LG Electronics to provide smart TV platforms.
The information technology giant; Google has been striving to dominate the mobile music streaming apps market to beat the rivals including Apple and Spotify. Over the years, the company launched Google Play, YouTube Key, and YouTube Red which though got immense traction, but couldn’t become a big hit for the giant and instead have confused customers. However, the new music streaming service; YouTube which was recently launched is likely to be a game-changer for the company. Google is planning to merge Google Play and YouTube Music that will offer two tiers; an ad-supported free version and a premium subscription.
iHeartMedia is the largest radio company in the United States and one of the most popular music apps in the world that owns over 855 radio stations in more than 160 cities through iHeartCommunications. The company’s radio stations generate major revenue through subscriptions and advertisements, powered by more than 245 million listeners every month. iHeartMedia’s operations also include live concerts and events including the iHeartRadio Music Festival; mobile services, such as iHeartRadio, a free digital music service; music research services, program syndication, and independent media representation.
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Pandora Media, also known as Pandora or Pandora Internet Radio, is one of the industry-leading music streaming services that offers Pandora Plus; a free radio subscription service and Pandora Premium; the on-demand subscription services. The music streaming service creates personalized playlists and stations for users by analyzing the listener’s music preferences through its cutting-edge programming algorithms. Powered by the Music Genome Project that collects billions of data points, Pandora Media helps advertisers to deliver targeted messages to listeners using audio, video, and display advertisements. In September 2018, Sirius XM Holdings announced its plan to purchase Pandora for $3.5 billion.
View more related report: Global Mobile Music Streaming Market 2018-2022
Started by Times Media in 2010, the India-based Gaana.com has grown into one of the popular names in the music streaming market with the featured music from more than 21 languages. As a result of the partnership with South Indian Music Companies Association that was formed in 2013, Gaana.com acquired rights from 79 different labels and today it has access to over 25 million songs. In 2015, Micromax, one of the growing smartphone brand, bought a stake in Gaana.com, allowing its users to trial Gaana+. This year, Gaana unveiled gaming innovation and introduced voice assistant feature in Gaana music streaming app.
Hungama Digital Media Entertainment is one of the largest developer and publisher of South-Asian and Bollywood entertainment content in the world. The leading music streaming service is powered with more than 400 content creators and has exclusive digital rights for millions of audio and video songs. Hungama serves content to consumers across the Internet, IPTV, Mobile, DTH services and Applications in 47 countries. Hungama mobile app provides live radio stations from Regional, Bollywood, Classics, Devotional, and International music. Along with elevating music listening experience, Hungama is gradually leading the digital music market.
Founded by a small creative team in 2008, Mixcloud has grown into one of the popular names in the online music streaming service industry. The company provides service to more than 17 million monthly active users via its free mobile apps, and connected devices including Apple TV, Google Chromecast, and Sonos. Mixcloud’s concept is unique and different from brands like Apple, Spotify, and Google, as it allows radio presenters, DJs, hobbyists, and others to reach their followers across the world. Mixcloud’s most popular users are Harvard Business School, TED Talks, Barack Obama, and Wired.
View more related report: Global Music on Demand Market 2018-2022
Earlier known as Rhapsody, Napster is one of the largest online music store subscription service that offers more than 16 million songs on over 100 consumer electronics products. The music streaming service currently has more than one million subscribers and is available in many countries including the US, Germany, Canada, and the United Kingdom. Headquartered in Los Angeles, Napster is leading the revolution of digital music service in several countries across the world.
What’s Trending in the Global Music Streaming Services Market?
Wearable technology has become an important segment in the consumer electronics industry, thanks to the increasing number of consumers adopting smartwatches, such as Samsung Gear, LG G Watch, Moto 360, Apple Watch, and many more. While smartwatches have been used as a notification hub, fitness tracker, schedule manager, and GPS tracker over the years, the smartwatch manufacturers today are integrating music playback options in their devices.
For instance, the Garmin Vivoactive 3 Music, which was launched in 2018, allows music streaming from iHeartRadio and Deezer. Other vendors of smartwatches, such as the TomTom Spark3 Cardio + Music, Fitbit Versa, and Garmin Forerunner 645 Music are also focusing on music as a selling point. Soundhound, Shazam and Pandora radio are some of the best music streaming apps that are compatible with Apple Watch, and Google Play supports Moto 360.
Frequently Asked Questions in the Music Streaming Industry
- What is the current music streaming service market size?
- What are the major challenges in the music streaming service market?
- Who are the major music streaming service providers and top music streaming apps?
- What are the music streaming market trends?
- What are the factors influencing the market share of the music streaming service industry?
All the detailed answers can be found in this following report: