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According to a new report available with Million Insights, the Global Music Apps Industry Research Report offers in-depth insights into key players, challenges, opportunities and the impact of COVID-19. It also offers ready, data-driven answers to several industry-level questions.
The Global music app market The size is expected to reach USD 17.10 billion by 2028, registering a CAGR of 8.0% over the forecast period, according to a new report by Million Insights. The growth of the market is driven by the growing penetration of 5G services across the globe. Rising demand for OTT music platform across the globe is bolstering the growth of the market.
The digital revolution in emerging economies such as China and India is propelling the growth of the market. The International Federation of the Phonographic Industry (IFPI) reported that an Indian consumer spends 21.5 hours per week listening to music, which is higher than the global average of 17.8 hours per week. Additionally, an increase in the adoption of Apple Music in North America is propelling the growth of the market.
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The major players are focused on providing ad-supported playlists for music apps. Major players offer unlimited paid access with the advanced user interface. Several companies provide subscription audio streams to improve digital revenue. The shift in music consumption from physical to streaming-based content is expected to become a major growth driver for the global market.
The Apple iOS Store segment will register the highest CAGR during the forecast period. This can be attributed to the growing demand for i Tunes from consumers in the US and UK. Additional security concerns and seamless connectivity features are fueling the market growth. Multitasking, quick access to i Tunes store and automatic updates reflect the significant market growth over the forecast period.
North America made the largest contribution to the global music app with over 40% share in 2020 due to growing demand for recorded music from US and Canadian consumers. The growing trend in the United States to adopt social media integrations is propelling the growth of the market. The US market share is driven by growing demand for command-based music and voice search applications.
To browse the report summary and detailed table of contents, please click on the link below:
Highlights of the Music Apps Market Report
• North America made the largest contribution to the global music app with more than 40% revenue share in 2020. This can be attributed to the growing investment for content delivery network from major key players from the United States and Canada.
• The Google Play Store segment contributed the highest share of 65% of global revenue in 2020. This can be attributed to the growing demand for profitable services for the music app from UK consumers. United and United States.
• The Apple iOS Store segment is expected to grow at a CAGR of 9.7% from 2021 to 2028. This can be attributed to the growing demand for multi-device compatible i Tune services from consumers in developed economies such as the United States and Germany.
• Asia-Pacific is expected to grow at a CAGR of 10.3% from 2021 to 2028. Rising demand for music apps based on payment integration in China is expected to accelerate market growth during the forecast period
Music app market segmentation
Million Insights has segmented the global music apps market based on market and region:
Music Apps Market Outlook (Revenue, USD Million, 2017-2028)
- Google Play Store
- Apple iOS Store
Music App Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Central and South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East and Africa
List of Key Players of Music Apps Market
- Google LLC.
- iHeartMedia, Inc.
- PandoraMedia, Inc.
- SoundCloud Limited
- Tide (Aspiro AB)
- Spotify AB
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