DUBLIN (CelebrityAccess MediaWire) – Key Vendors are Apple, Deezer, Google, iHeart Media, Pandora Media, Rdio & Spotify.
The global music streaming service market to grow at a CAGR of 12.57% over the period 2014-2019.
Streamed music refers to a service that enables users to stream and
listen to music/songs using a device connected to the Internet. Service
providers purchase digital rights from music recording companies and
based on the subscription type, users can access tracks listed on the
service provider's application and website. Many service providers offer
online radio streaming services. The user can also download music and
playlists directly to their devices for offline listening on the go
without using the Internet.
Major music recording firms such as Universal Music Group, Warner Music
Group, and Sony Music Entertainment have adopted corporate strategies
such as M&A, strategic alliances, and partnerships in order to
revitalize their market presence. For instance, Sony has collaborated
with Spotify to launch PlayStation Music. Sony's Music Unlimited closed
on March 29, 2015 and was replaced by Spotify's 1.5 billion playlists.
Also, in August 2014, Apple acquired the music streaming service from
Beats Music for $3 billion. Hence, an upsurge in market consolidation is
increasing the presence and reach of the market.
According to the report, increased integration of streaming applications
with social media platforms such as Facebook has increased music
subscriptions significantly. For instance, the collaboration between
Spotify and Facebook allows new Spotify users to access the application
via Facebook and share custom playlists with their friends. Spotify's
freemium business model is aimed at encouraging free users to migrate to
premium paid services while ensuring their sustainability, helping the
market gain momentum.
Further, the report states that issues with data security is one of the
major challenges for the market.
The report consolidates the revenues generated from the
- iHeart Media
- Pandora Media
Other Prominent Vendors
- Clear Channel Radio
- Hungama MyPlay
- JB Hi-Fi Pty
- Samsung Music Hub