The North American online music streaming market is anticipated to grow at a considerable CAGR of 16.8% during the forecast period (2020-2026). The market growth is mainly attributed to the high smartphone penetration and the increasing adoption of smart devices across the globe. In addition, promotional offers such as discounts on premium subscription and free monthly trials are also boosting the market growth. Some Platforms are providing free services with ads or an option to choose premium subscriptions, which is allowing users to easily switch to online streaming. Further, the huge array of albums, songs, and podcasts on these platforms and the use of AI & ML to customize playlists and provide song recommendation is attracting a lot of young user bases.
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Moreover, the COVID-19 pandemic has driven the demand for online music streaming. Due to a lack of entertainment options, people have switched to digital entertainment sources including online music streaming. For instance, according to a report from the RIAA (Recording Industry Association of America), revenues from streaming services grew nearly 20% YoY in 2019 to $8.8 billion, accounting for 79.5% of all recorded music revenues. However, this has impacted the companies which have a share of ad revenue such as YouTube and Spotify due to the increase in the premium subscription.
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- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered-
- By Service
- By Content-Type
- By Platform
- By End-User
- By Revenue Model
- Regions Covered- North America
- Competitive Landscape- Amazon.com, Inc., Apple, Inc., Deezer SA, Google LLC., Spotify AB
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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North American Online Music Streaming Market Report Segment
- On-Demand streaming
- Live Streaming
- Audio Streaming
- Video Streaming
By Revenue Model
- com, Inc.
- Apple, Inc.
- Deezer SA
- Google LLC
- iHeartMedia, Inc.
- Jango, Inc.
- LiveXLive, Corp.
- Pandora Media, Inc.
- SoundCloud Ltd.
- Spotify AB
- Tidal (Aspiro AB)
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