The music mobile apps global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Music Mobile Apps Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The music mobile apps market size has grown rapidly in recent years. It will grow from $6.31 billion in 2023 to $7.11 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing availability of music-related content, increasing number of music streaming services, developing an understanding of the consumer needs and preferences, increasing focus on high-definition audio formats, increasing adoption of smartphones.
The music mobile apps market size is expected to see rapid growth in the next few years. It will grow to $11.54 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increasing penetration of smartphones across the globe, the growing demand for on-demand music streaming services, high technology demand to deliver music in digital format, advancements in smartphone technology, higher demand for in-app purchase. Major trends in the forecast period include expansion of social features within music apps, strategic partnerships, technological advancement, expansion of internet penetration and implementation of high-speed internet, integration of gaming elements into music apps.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers -The growing demand for on-demand music streaming services is expected to propel the growth of the music mobile app market going forward. On-demand music streaming services refer to the platforms that allow users to listen to music whenever they want, providing access to a vast library of songs that can be streamed over the internet. The demand for on-demand music streaming services is rising due to their convenience, extensive music libraries, personalized recommendations, multi-device accessibility, and ad-free listening experiences. Music mobile apps provide access to on-demand music streaming services, offering users a vast library of customized playlists tailored to their preferences and enhanced smartphone user experiences. For instance, according to the International Federation of the Phonographic Industry Global Music Report 2023, the total music streaming industry generated a revenue of $15.7 billion in 2021, which rose to $17.5 billion in 2022. Therefore, the growing demand for on-demand music streaming services is driving the growth of the music mobile app market.
Market Trends – Major companies operating in the music mobile apps market promote artistic expression and cultural enrichment by integrating advanced technologies into platforms, such as AI-based music learning apps, to stand out in the market. An AI-based music learning app combines the power of artificial intelligence with music education to provide users with personalized and interactive learning experiences. For instance, in April 2024, Saregama India Ltd., an India-based music label company, introduced Padhanisa, an AI-driven music learning app. This tailored platform includes live masterclasses and Q&A sessions. Padhanisa offers subscription plans ranging from monthly to annual, with a free trial period of seven days. It extends Saregama’s offerings, acknowledging the widespread love for singing across India, whether for celebrations or personal joy. The app is available on both the Google Play Store and the App Store.
The music mobile apps market covered in this report is segmented –
1) By Type: Free, Subscription
2) By Revenue Generation Format: Streaming, Digital, Physical Products, Performance Rights, Synchronization Revenues
3) By Application: Android, iPhone Operating System (iOS)
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Regional Insights – North America was the largest region in the music mobile apps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music mobile apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the music mobile apps market are Apple Inc., Google LLC, Spotify Inc., Yandex NV, Warner Music Group Corp, Tencent Music Entertainment Group, iHeartMedia Inc., Pandora Media LLC, Deezer S.A., Amazon Music, Napster LLC, TuneIn Inc., SoundCloud Limited, Gamma Gaana Ltd., JioSaavn, Musixmatch Srl, Slacker Inc., Anghami S.A.L, NetEase Cloud Music, Mixcloud Limited, Aspiro AB, Bandcamp Inc., 8tracks Internet Radio, Spinrilla LLC, Audiomack Inc.
Table of Contents
1. Executive Summary
2. Music Mobile Apps Market Report Structure
3. Music Mobile Apps Market Trends And Strategies
4. Music Mobile Apps Market – Macro Economic Scenario
5. Music Mobile Apps Market Size And Growth
…..
27. Music Mobile Apps Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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