The music streaming market in Europe was valued at US$ 6,260. 2 Million in 2019 and is projected to reach US$9,812. 3 Million by 2027; it is expected to grow at a CAGR of 5. 5% from 2020 to 2027. The digital music service providers are offering consumer listening experience throughout phones, tablets, computers, and smart devices.
New York, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Music Streaming Market Forecast to 2027- Covid-19 Impact and Analysis - by Content Type, Streaming Type, End User, and Country" - https://www.reportlinker.com/p05953776/?utm_source=GNW
The availability and popularity of in-vehicle infotainment systems in cars and smart speakers in homes serve as a major opportunity for the music streaming providers to expand their businesses.
A few of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, Sound Cloud, and Amazon Prime Music.Companies such as Spotify and Amazon utilize ad-supported services to market their products.
The major market players are adopting various strategies to gain more subscribers.Moreover, Amazon Prime Music includes prime subscriptions, which is helping it in increasing its customer base.
At present, the on-demand streaming is one of the most preferred services, as they use network infrastructure and on-demand audio streaming software to stream media files. The music subscription revenue of MIDiA Research grew to 63% in 2017. Owing to exploration in on-demand streaming, there is significant increase in the number of subscribers.
Factors such as demand for multiple digital music platforms and rising number of music subscribers drive the growth of music streaming market in Europe.Additionally, consistent increase in on-demand streaming services and availability of regional content on digital platforms would further help the market to grow in the coming years.
On the contrary, reduction in the number of subscribers due to the availability of pirated channels and free music platforms hinders the music streaming market growth in Europe.Further, many music streaming service providers offer an unpaid trial period to gain attention of more consumers.
They also arrange for timely updates and advancements in the digital music platforms to remain competitive in the market. For instance, Amazon provides high-quality tier, known as Amazon Music HD, in a bid for the Tidal’s audiophile niche quality sound.
The overall size of the Europe music streaming market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe music streaming market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe music streaming market. Amazon.com, Inc; Google LLC; Deezer, and Apple, Inc are among a few players operating in the market in this region.
Read the full report: https://www.reportlinker.com/p05953776/?utm_source=GNW
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