Audio streaming refers to the music content transmission in compressed form through the internet and retrieved and played as per the users’ convenience and time, without the requirement of downloading. Moreover, these services enable the content audibility without consuming additional storage space.
Advent of streaming media delivery services in conjunction with high speed internet connectivity will drive market growth
The technology allows consumers to gain legal access to high quality content with minimal subscription costs and may even be provided as a complimentary service over a defined service period. Proliferation of smartphones and high speed internet technology such as 3G, 4G and LTE networks, has led to easy access to media services for entertainment purposes. These services offer access to millions of songs with uninterrupted music listening access Increasing consumer preference towards on-demand products and services through smartphone apps, coupled with innovative services such as providing individual preferences and personalized playlist options, will provide considerable growth prospects through the forecast period.
Audio Streaming Services Market Taxonomy
On the basis of platform, the global video streaming market is classified into:
On the basis of end services, the global video streaming market is classified into:
Increasing consumer inclination toward paid services to access high-quality and exclusive content supporting market growth
Ad supported services accounted for the largest user share in the market in 2016. However, subscription based services was the largest revenue generating segment in the audio streaming market. Moreover, consumer trends in the developed economies have witnessed increased consumer motivation towards premium content with paid subscription as against free services. Requirement to capitalize on the opportunity, industry participants are increasingly focusing on paid services as a part of their offerings, which will help the industry participants establish strong foothold in the global audio streaming market. For instance, in March 2017,Pandora launched its premium subscription tier, that could play from a curated list of tracks, and provided tailored music lists with respect to consumer preferences.
Growing piracy of the licensed content is expected to present potential challenge to the industry participants
Revenues generated from these streaming technologies is expected to witness considerable surge. However, industry is expected to face significant challenges from the growing piracy across the globe, specifically in emerging economies. Moreover, low profit margins, licensing related expenditure & efforts and the growing competition owing to high threats from new entrants are expected to consistently hinder the overall audio streaming market growth.
North America held the largest audio streaming market share in 2016, is expected to witness considerable growth prospects over the forecast period
U.S. was the largest industry share contributor in 2016, owing to presence of large number of chief participants in the region. Moreover, consumers in the country are increasingly inclined towards these services, owing to regulated availability of the music content. Other developed economies that are anticipated to drive growth of the market over the forecast include Norway, Sweden, Denmark, and South Korea. Emerging economies in the South Asia, primarily China, Hong Kong are expected to showcase double digit CAGR over the forecast period of 2017 to 2025. These growth prospects can be attributed to highly developed music streaming market in China, increasing stringency of regulations to reduce piracy and growing spending capacity of the users in these regions. According to IFPI Recording Industry report in 2015, around 75% of the overall revenue of recorded music in China was obtained from audio streaming.
Major industry participants in the segment include Apple Inc., Deezer, Alphabet Inc., Guvera Ltd., Hungama.com Pvt. Ltd., Microsoft Corp., Pandora Media Inc., Rhapsody International Inc., Saavn, LLC, Slacker Inc., and Spotify, among many others. Players are increasingly adopting to adopting various over the shelf business strategies such as providing services in conjunction with mobile subscriptions, providing enhanced music management and preferences, diversifying applications through usage in car entertainment, etc. to strengthen their foothold in the audio streaming market.
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