The North America Music Streaming Market would witness market growth of 14.3% CAGR during the forecast period (2020-2026). The increasing number of companies in the market and the rising adoption of smartphones in the world have affected the growth of the market. Moreover, the main companies of the market are aiming for the integration of advanced technologies like Augmented Reality (AR), Virtual Reality (VR), 5G for streaming, Artificial Intelligence (AI) and Hologram, in their music streaming platform to increase the competition in the market. For example, MelodyVR, a VR music platform has created a collection of live shows, recorded for streaming on VR headsets like Samsung Gear VR and Oculus Go, or iPhone and Android devices via its app. Similarly, Deezer, a music streaming platform provides a fully-embedded AR music experience to the customers, supported by a specially made Snapchat lens.
As per the RIAA, in 2019, the music streaming platforms held 80% of the total revenue produced by the recorded music industry in the U.S. Although, the privacy and security threat of the user’s databases may restrict the market growth to some extent during the forecast period. These kinds of threats are building a certain pressure on the companies and bring them under strict regulation. For example, in October 2018, the U.S government imposed the Music Modernization Act to upgrade and streamline the music licensing process for the music streaming platforms. This act is focused on keeping an eye on copyright-related issues related to digital streaming and music and audio recordings.
The live music and concert industry of the U.S has also registered significant growth in 2019, along with the trends on track for the year 2020. At the onset of the Covid-19 pandemic, many music events and concerts were canceled which further have a devastating financial impact on everyone. Many streaming platforms have exhibited additional responsibility because earlier, many artists relied on live music shows and concerts for their income, now they are relying on the income generated from these streaming platforms.
Based on Content Type, the market is segmented into Audio and Video. Based on Platform, the market is segmented into Apps and Browsers. Based on Service Type, the market is segmented into On-demand Streaming and Live Streaming. Based on End User, the market is segmented into Individual and Commercial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Music Streaming Market in North America is expected to register a CAGR of 14.3% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Apple, Inc., Google, Inc., Tencent Music Entertainment Group (Tencent Holdings Ltd.), Spotify Technologies S.A., SoundCloud Ltd., Sirius XM Holdings, Inc. (Pandora Media, Inc.), iHeartMedia, Inc. (Thomas H. Lee Partners), Deezer S.A. (Access Industries Holdings LLC) and Aspiro AB (Tidal)
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Companies Profiled
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