The North American online music streaming market is anticipated to grow at a considerable CAGR of 16.8% during the forecast period (2020-2026). The market growth is mainly attributed to the high smartphone penetration and the increasing adoption of smart devices across the globe. In addition, promotional offers such as discounts on premium subscription and free monthly trials are also boosting the market growth. Some Platforms are providing free services with ads or an option to choose premium subscriptions, which is allowing users to easily switch to online streaming. Further, the huge array of albums, songs, and podcasts on these platforms and the use of AI & ML to customize playlists and provide song recommendation is attracting a lot of young user bases.
Browse the full report description of "North American Online Music Streaming Market Size, Share & Trends Analysis Report by Service (On-demand Streaming and Live Streaming), By Content Type (Audio Streaming and Video Streaming), By Platform (Browser and Application), By End User (Residential & Commercial), By Revenue Model (Subscription & Advertisement) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/north-american-online-music-streaming-market
Moreover, the COVID-19 pandemic has driven the demand for online music streaming. Due to a lack of entertainment options, people have switched to digital entertainment sources including online music streaming. For instance, according to a report from the RIAA (Recording Industry Association of America), revenues from streaming services grew nearly 20% YoY in 2019 to $8.8 billion, accounting for 79.5% of all recorded music revenues. However, this has impacted the companies which have a share of ad revenue such as YouTube and Spotify due to the increase in the premium subscription.
Market Coverage
o By Service
o By Content-Type
o By Platform
o By End-User
o By Revenue Model
o North America
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
North American Online Music Streaming Market Report Segment
By Service
By Content-Type
By Platform
By End-User
By Revenue Model
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