The music streaming market in the Asia Pacific was valued at US$ 6,963.5 million in 2019 and is projected to reach US$ 13,975.9 million by 2027; it is expected to grow at a CAGR of 8.9% from 2020 to 2027.
The on-demand streaming enables consumers to retrieve large catalog of music online with a minimal subscription fee. There has been an increase in the number of consumers from China purchasing the on-demand streaming subscription of sites such as Apple Music or Spotify. This has resulted in increased premium subscriptions and caused a revenue increase of 27.5%. The promotions and popularity of family plans on digital music platforms such as Spotify, Apple, Alphabet, and Amazon have benefited the consumers.
The availability of in-vehicle infotainment systems in cars and smart speakers in the home arena presents the music streaming providers an opportunity to boost their business. A few of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, and Amazon Prime. Companies such as Spotify and Amazon utilize ad-supported services to market their products. Spotify has long succeeded in converting ad-supported listeners to paid subscribers, whereas Amazon Prime subscriptions and Echo devices together. The major market players are adopting various strategies to gain more subscribers. At present, on-demand streaming is one of the most preferred services, as they use network infrastructure and on-demand audio streaming software to stream media files. The music subscription revenue of MIDiA Research grew to 63% in 2017.
The overall size of the APAC music streaming market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC music streaming market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC music streaming market. Amazon.com, Inc; Google LLC; Deezer; Apple, Inc.; Spotify Technology S.A.; and JOOX are among a few players operating in the APAC music streaming market