London, 11 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the global music streaming service market 2015-2019, which is expected to grow at a CAGR of 12.57 % during the forecast period of 2014-2019.
“Increased integration of streaming applications with social media platforms such as Facebook has increased music subscriptions significantly. Therefore, increase in subscription services is expected to drive the market growth in the coming years.”
“Major music recording firms such as Universal Music Group, Warner Music Group and Sony Music Entertainment have adopted corporate strategies such as M&A, strategic alliances and partnerships in order to revitalize their market presence,” says Faisal Ghaus, Vice President of Technavio.
“In August 2014, Apple acquired the music streaming service from Beats Music. An upsurge in market consolidation is increasing the presence and reach of the market.”
Key Market Drivers
- Increase in subscription services
- Growing adoption of smartphones and tablets
- Growing Internet penetration
- Increase in online ad spending
Key Market Trends
- Increase in number of M&A
- Globalization of marketplace
- Increase in adoption of cloud services for music streaming
- Wearable technology
Key Market Vendors
- Apple Inc.
- Deezer
- iHeart Media Inc.
- Pandora Media Inc.
- Rdio Inc.
- Spotify Ltd.
- Google Inc.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
