Revenue in the music streaming market has skyrocketed during the coronavirus crisis. Companies are upgrading their online and offline marketing strategies by offering subscriptions and free services up to certain months. Such offers eventually lead to more conversions of users, thus boosting revenue opportunities.
The COVID-19 pandemic has accelerated collaborations among music artists. This is translating into incremental opportunities for companies in the music streaming market via advertisements and subscriptions. These companies are sifting through artist data to attract similar artists in each country to enable local user targeting and increase return on investment. As such, viewership on emerging video sharing platforms such as Twitch for their Music and Performance Arts Category has witnessed a spurt amidst the ongoing coronavirus pandemic.
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The music streaming market is projected to advance at an astonishing CAGR of ~15% during the assessment period. Online reviews and recommendations of bloggers are influencing the decisions of listeners. For instance, weighing the pros and cons of music streaming platforms such as Apple Music and Spotify is impacting subscriber base. Both Apple and Spotify are priced at the same value for users and students; however, Spotify is ad-supported but Apple’s has ads for only Beats1 radio.
The number of songs in the App’s music library also influences a listener’s preference. Hence, companies in the music streaming market are adopting artificial intelligence (AI) and machine learning (ML) to recommend songs as per the listener’s preference.
The music streaming market is projected to surpass US$ 103.7 Bn by 2030. Companies are realizing that highly advanced personalization is crucial in streaming apps. The combination of ML and human curation has led to the creation of data-driven playlists that are capable of getting smarter over time. App developers are making potential enhancements for user’s recommendations and social discovery in conjunction with sophisticated algorithms.
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On the other hand, Universal Music Group is gaining recognition for introducing its Universal Music Artists app, which offers artist and their teams a personalized view of their activity across major global streaming services and social media. Such innovations are translating into revenue opportunities for companies in the music streaming market. Artist promotion toolkits now include artist analytics apps where a musician can gain access to a wealth of information about his/her music in comparison with other musicians across Instagram, Facebook, and other platforms.
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Key players operating in the global music streaming market are
- Amazon.com, Inc.
- Apple Inc. (Apple Music)
- Aspiro AB (Tidel)
- Gamma Gaana Limited
- Google LLC (YouTube Music)
- iHeartMedia, Inc. (iHeartRadio)
- Microsoft Corporation
- Pandora Media, Inc.
- Saavn Media Pvt Ltd.
- Samsung Electronics Co. Ltd.
- Sirius XM Holdings Inc.
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