preference towards on-demand products and services through smartphone apps, coupled with
innovative services such as providing individual preferences and personalized playlist options.
This is expected to aid in growth of the market through the forecast period.
Audio Streaming Services Market Taxonomy
On the basis of platform, the global video streaming market is classified into:
Smartphones
Laptops & desktops
Tablets
On the basis of end services, the global video streaming market is classified into:
Subscription based services
Ad-supported services
Increasing consumer inclination toward paid services to access high-quality and
exclusive content is expected to support market growth
Ad supported services accounted for the largest user share in the market in 2016.
However, subscription based services was the largest revenue generating segment in the
audio streaming market. Moreover, consumers in developed economies prefer premium
content with paid subscription as against free services. Requirement to capitalize on this
opportunity, industry participants are increasingly focusing on paid services as a part of
their offerings. This is expected to help industry participants in establishing strong
foothold in the global audio streaming market. For instance, in March 2017, Pandora
launched its premium subscription tier, that could play from a curated list of tracks, and
provided tailored music lists with respect to consumer preferences.
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Growing piracy of the licensed content is expected to be a challenge for the industry growth
Revenue generated from these streaming technologies is expected to witness considerable
surge. However, market is expected to face significant challenges from growing piracy across
the globe, specifically in emerging economies. Moreover, low profit margins, licensing related