Market Introduction
The scope of the digital music streaming websites is taking over the musical scenario. Owing to the availability of cloud technology, regional music offerings, increased smartphone adoption, advanced streaming applications, and lesser cost of data are some of the major aspects transforming the entire landscape of music streaming. Factors such as demand for multiple digital music platforms and rising number of music subscribers will drive the growth of music streaming market.
The introduction of cloud-based music in the music streaming market is expanding, which in turn drives the adoption of music platforms. The vendors are developing several user-friendly applications to ensure easy streaming of music over tablets and smartphones. The availability of cloud feature in music streaming platform is boosting the adoption of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income, and smartphone adoption are propelling the adoption of digital music platforms at a significant rate. With respect to subscriptions in digital platforms, below are some of the subscription plans provided by prominent music streaming service providers to increase number of music subscribers.
The government of Asia Pacific countries is taking possible steps to reduce the effects of coronavirus pandemic by announcing lockdown. China was the first country with COVID -19 confirmed cases. However, China has emerged from a 2-month containment phase and moved into the mitigation stage. The COVID-19 outbreak in China negatively impacted Tencent Music Entertainment, China’s largest online music business. However, due to the containment phase, the significantly gained profit due to the increase in the number of paid subscribers. The subscription was traditionally not a dominant business model for Tencent Music Entertainment. So, the acceleration in paying subscriber numbers was welcomed by the company’s management. They rose 70% YoY to reach 42.7 million at the end of March, now representing 6.5% of the company’s monthly users.
Market Overview and Dynamics
The music streaming market in APAC was valued at US$ 6,963.5 Mn in 2019 and is projected to reach US$ 13,975.9 Mn by 2027; it is expected to grow at a CAGR of 8.9% from 2020 to 2027.
The APAC region is gaining more and more traction with the help of both multinational and regional music streaming service providers. The Asia is booming to become second-largest territory for combined digital and physical revenue, with majorly strong growth in South Korea. People with age group of 18-24 years and 25-30 years spend heavily on music subscription services and thus there were approximately 300 million users present by 2020. A mix of JOOX, SoundCloud, Spotify, Apple Music, Line Music, and Moov music streaming platforms are majorly used in Thailand, Malaysia, Indonesia, and Hong Kong. Moreover, there are some partnerships between mobile network operators and music streaming service providers that further nourish the market growth. StartHub, PCCW, SingTel, Telkomsel, Indosat are some of them operators in Asian market.
Key Market Segments
In terms of content type, the audio streaming segment accounted for the largest share of the APAC Music Streaming market in 2019. In terms of streaming type, the on demand streaming segment held a larger market share of the music streaming market in 2019. Further, in terms of end user, the individual segment held a larger share of the market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred while preparing this report on the Music Streaming market in APAC are company websites, annual reports, financial reports, national government documents, statistical database, and among others. Major companies listed in the report are Amazon.com, Inc, Google LLC, Deezer, Apple, Inc., Spotify Technology S.A., JOOX., and others.
Reasons to buy report
APAC Music Streaming Market Segmentation
APAC Music Streaming Market, by Content Type
APAC Music Streaming Market, by Streaming Type
APAC Music Streaming Market, by End-User
APAC Music Streaming Market, by Country
APAC Music Streaming Market-Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 6,963.5 Million |
| Market Size by 2027 | US$ 13,975.9 Million |
| CAGR (2020 - 2027) | 8.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Content Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Music Streaming Market is valued at US$ 6,963.5 Million in 2019, it is projected to reach US$ 13,975.9 Million by 2027.
As per our report Asia Pacific Music Streaming Market, the market size is valued at US$ 6,963.5 Million in 2019, projecting it to reach US$ 13,975.9 Million by 2027. This translates to a CAGR of approximately 8.9% during the forecast period.
The Asia Pacific Music Streaming Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Music Streaming Market report:
The Asia Pacific Music Streaming Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Music Streaming Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Music Streaming Market value chain can benefit from the information contained in a comprehensive market report.
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