Asia Pacific Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Content Type (Audio Streaming, Video Streaming), Streaming Type (Live Streaming, On-demand Streaming), End User (Commercial, Individual), and Country

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.

• Individual subscriptions for $9.99 from Apple Music, Amazon Music Unlimited, Napster, Pandora Premium, Spotify Premium Google Play Music, and YouTube. Additionally, Pandora offers subscription under the name of Pandora plus for $4.99.
• Pandora, YouTube, and Spotify give advertising supported music services which are also called as free to the listener services
• Companies such as Amazon, Apple, and Spotify offer Student Subscription for $4.99.

 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

• To understand the APAC music streaming market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC music streaming market
• Efficiently plan M&A and partnership deals in APAC music streaming market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC music streaming market
• Obtain market revenue forecast for market by various segments from 2020 to 2027 in APAC region

APAC Music Streaming Market Segmentation

APAC Music Streaming Market, by Content Type

• Audio Streaming
• Video Streaming

APAC Music Streaming Market, by Streaming Type

• Live Streaming
• On-Demand Streaming

APAC Music Streaming Market, by End-User

• Commercial
• Individual

APAC Music Streaming Market, by Country

• China
• Japan
• South Korea
• India
• Australia
• Rest of Asia Pacific

APAC Music Streaming Market-Companies Mentioned

• Amazon.com, Inc
• Google LLC
• Deezer
• Apple, Inc.
• Spotify Technology S.A.
• JOOX

1. Amazon.com, Inc
2. Google LLC
3. Deezer
4. Apple, Inc.
5. Spotify Technology S.A.
6. JOOX

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC music streaming market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the APAC music streaming market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.