The scope of the digital music streaming websites is taking over the musical scenario. Owing to the availability of cloud technology, regional music offerings, increased smartphone adoption, advanced streaming applications, and lesser cost of data are some of the major aspects transforming the entire landscape of music streaming. Tidal, Deezer, Amazon Music Unlimited, and YouTube Music are some of the prominent online music streaming services prevailing in the market. The application of music platforms is majorly adopted within the age group up of 18to 30years, as the individuals of this group are willing to invest high value on music streaming. Targeting new demographics would potentially raise service subscriptions and revenue of the providers.
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As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscription are playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees are required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.
Impact of COVID-19 Pandemic on Music Streaming Market
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. Music and Mediaindustry is also impacted negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the critical areas highly impacted is live performances. The industry isfighting back to recover the loss and come-up with new business models. Tomonetize, the companies are coming up with live shows on streaming devices. In the first quarter of 2020, the online music subscription was increased by around 70% YoY, globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global information and communication technology (ICT) industryis one of the major sectors that is facing severe disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.
The music streaming market is growing with the rising smartphone usage, internet penetration, and growing population. The scope ofthe digital music streaming websites is taking over the musical scenario. Owing to the availability of cloud technology, regional music offerings, increased smartphone adoption, advanced streaming applications, and lesser cost of dataare some of the major aspects transforming the entire landscape of music streaming. Spotify, Tidal, Apple Music, iHeartRadio, Deezer, Amazon Music Unlimited, and YouTube Music are some of the prominent online music streaming services prevailing in the market. The application of music platforms ismajorly adopted within the age group of 18to 30years, as the individuals ofthis group are willing to invest high value on music streaming. Targeting new demographics would potentially raise service subscriptions and revenue of the providers.
Strategic Insights
In the music streaming market, companies mainly adopt the marketinitiatives strategies to expand their footprint worldwide by meeting thegrowing demand for their offerings. These strategies are mostly observed to beimplemented in the market in North America. A few of the recent initiatives inthe music streaming market are listed below:
2020: Google is eliminating its Google Play Music in 2020and transitioning existing customers to its other music service, YouTube Music.The company made a strategic decision to focus on the marketing of YouTubemusic instead of Google Play Music.
2019: Amazon Music expanded access to free streamingservice, and the customers would be able to listen to Amazon Music’sad-supported selection for free. It is available to customers in the US, the UK,and Germany who doesn’t have a prime membership or a subscription to AmazonMusic Unlimited.
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