The "Media Streaming Market - Growth, Trends and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Media Streaming Market is expected to grow at a CAGR of 23.2% during the forecast period (2020-2025)
The growth of the market is fuelled by the growing demand for subscription-based services, increasing availability of region-specific and original content, and popularity of live sports. These drivers are changing the strategies adopted by the vendors in the market as the emphasis on enhanced customer experience by providing personalization, and low-cost services are increasing day by day.
Furthermore, rapid adoption of smartphones and cloud-based services, increased penetration of OTT platforms as compared to tradition pay-tv, and incorporation of AI and machine learning to help regulate live streaming and provide insights on consumer usage pattern, and partnerships to offer more and region-specific content has increased the growth of video streaming segment across regions. For instance, Netflix has 75,000 different content genres and provides personalized content for individual users through recommendation, which is possible due to the algorithms allowing it to do so.
The ongoing spread of coronavirus has positively impacted the media streaming industry due to enforced home confinement measures. The vendors were witnessing a spike in the number of subscribers and a peak in viewership across regions due to increased demand for online streaming and changed consumer. For instance, In the first quarter of 2020 ending on March 31, Netflix added 15.8 million subscribers globally, which is more than double the 7.2 million that were expected and growth of 22.5% year on year.
Key Market Trends
Music Streaming Segment is Expected to Witness Significant Growth
Music streaming providers are offering exclusive content with podcasts and original content, which first attracts the people towards the platform and eventually turns them as subscribers. Moreover, promotional activities like price cuts in subscriptions in growing markets and bundled offers from telecommunications players are expected to boost the growth further.
For instance, Spotify witnessed a YOY growth of 31% of the total revenue and a 35% share of the total paid subscriptions, mainly due to increased promotional activities such as free Spotify premium for three months, price cuts in subscription models, etc.
Players in the market are offering new features such as curated playlists, night mode, and lossless music for improved targeting, which is also providing companies with a competitive edge over others, thus making the market competition stronger. This is also done to improve customer retention as the number of options in the market increase continually. For instance, in September 2019, Amazon launched a new tier of its music service, dubbed Amazon Music HD. It offers lossless versions of audio files for streaming or downloading at a lower price comparatively.
Although global players are strongly penetrating their music streaming platforms by adopting various strategies, regional players still have a stronghold in their respective regions, owing to regional exposure and high focus on local content. For instance, Gaana continues to be the number 1 player in the Indian market, whereas Yandex Music is leading in Russia. Similarly, Tencent Music Group is one of the leading players in China market because of its apps QQ Music, Kugou, and Kuwo.
Asia Pacific to Witness Significant Growth
Rising investment in content creation has led to the creation of new content offerings. Increasingly, India is becoming one of the content hubs, with a wealth of material being created for consumption locally and around the world. For instance, In June 2020, Tencent announced the Malaysian video streaming platform Iflix's content technology and resources to grow its presence in Southeast Asia.
Although North America still dominates the media streaming market, Asia Pacific is showing a rapid increase in the growth rate. Giants such as Disney and Apple Inc. are set to launch their platforms across the Asia Pacific in 2020, leveraging growing mobile usage and rapidly improving access to faster speed Internet.
According to IMI-IFPI Digital Music Study 2019, In India, audio streaming comprised 39.4% of the time spent listening to music across the three methods (video streaming, audio streaming, and radio) but returned 71.8% of the share of revenues generated by them. In contrast, the radio was responsible for 21.7% of the listening time but a percentage of just 2.9% of total revenues from the three music listening methods.
Moreover, 97% of the population listens to music using a smartphone; 62% use social media sites or apps to listen to music or watch music videos. This shows the ongoing transformation towards digital media in the region is further expected to grow the market for media streaming.
The media streaming market is highly fragmented owing to the presence of significant players in the market and growing competitiveness in the market. Vendors in the market are concentrating on providing high-value bundles, innovative features, and High quality, original and region-specific content to gain competitive advantage and improve market position by acquiring more customers. Vendors are also adopting partnerships and acquisitions to strengthen their place in the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 IMPACT OF COVID-19 ON THE GLOBAL MEDIA STREAMING MARKET
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Easy Accessibility and Playlist Customization on Various Audio Streaming Platforms
5.2.2 Growing Adoption of Subscription Video on Demand (SVoD) Services
5.2.3 Increasing Popularity of Live Sports Streaming Services
5.3 Market Challenges
5.3.1 Challenges Regarding Latency, Reliability, and Device Compatibility
5.4 Market Opportunities
5.4.1 Increasing Adoption of 360-degree Video, AR, and VR
5.4.2 Streamlining and managing Content Production and Distribution by Machine Learning and AI
5.4.3 8K Content Offering from Broadcasting Networks and SVoD Platforms
6 MARKET SEGMENTATION
6.1 By Content Type
6.1.1 Music Streaming
6.1.2 Video Streaming
6.2 By Revenue Model
6.3 By Streaming Platform
6.3.1 Smartphone & Tablet
6.3.2 Laptop and Desktop
6.3.3 Smart TV
6.3.4 Gaming Console
7 COMPETITIVE LANDSCAPE - KEY VENDOR PROFILES
7.1 Spotify Technology S.A.
7.2 Apple Inc.
7.3 Amazon Prime (Amazon.com Inc.)
7.4 Tencent Holdings Limited
7.5 Deezer SA
7.6 YouTube (Alphabet Inc.)
7.7 AT&T Inc.
7.8 Pandora Media Inc.
7.9 The Walt Disney Company
7.10 Baidu Inc.
7.11 British Broadcasting Corporation
8 VENDOR MARKET SHARE ANALYSIS
9 INVESTMENT ANALYSIS AND FUTURE OF THE GLOBAL MEDIA STREAMING MARKET
For more information about this report visit https://www.researchandmarkets.com/r/268co6
View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005467/en/
Laura Wood, Senior Press Manager
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