expenditure & efforts and growing competition owing to high threats from new entrants are
expected to consistently hinder the overall audio streaming market growth.
North America held the largest audio streaming market share in 2016, and is expected to
witness considerable growth prospects over the forecast period
U.S. accounted for the largest share in 2016, owing to presence of large number of chief
participants in the region. Moreover, consumers in the country are increasingly inclined towards
these services, owing to regulated availability of music content. Other developed economies
that are anticipated to witness high growth over the forecast include Norway, Sweden,
Denmark, and South Korea. Emerging economies in South Asia, primarily China and Hong Kong
are expected to showcase double digit CAGR over the forecast period (2017–2025). These
growth prospects can be attributed to highly developed music streaming market in China,
increasing stringency of regulations to reduce piracy, and growing spending capacity of the users
in these regions. According to IFPI Recording Industry report in 2015, around 75% of the overall
revenue of recorded music in China was obtained from audio streaming.
Players are increasingly adopting various off-the-shelf business strategies such as providing
services in conjunction with mobile subscriptions, providing enhanced music management and
preferences, and diversifying applications to strengthen their foothold in the audio streaming
market. Major industry participants in this market include Apple Inc., Deezer, Alphabet Inc.,
Guvera Ltd., Hungama.com Pvt. Ltd., Microsoft Corp., Pandora Media Inc., Rhapsody
International Inc., Saavn, LLC, Slacker Inc., and Spotify.
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