According to TechSci Research report, “India Music Streaming Market”- By Region, Competition Forecast and Opportunities, 2019-2029F,” Music streaming refers to the process of listening to music over the internet. This is made possible through music streaming services, which allow users to access a vast library of songs and listen to them on demand.
Music streaming services often offer both free and paid subscription options. Free users usually have limited access to the service and may have to listen to advertisements. Paid subscribers, on the other hand, have access to the full library of songs and can listen to music without any ads. Some popular music streaming services include Spotify, Apple Music, and Amazon Prime Music.
Music streaming has grown in popularity over the years as it provides customers with fast access to millions of songs from across the world. With low data costs and increasing adoption of 5G connection, music streaming has become more accessible than ever, allowing users to listen to their preferable music on the go.
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Social listening features are also driving the growth of India music streaming market. These features enable users to listen to music in real time with friends and family, making music streaming more social and engaging. This trend has gained popularity among younger customers looking for new and innovative methods to connect with their friends and share their musical interests. Additionally, in order to improve the personalized experience with online music streaming, music service providers such as Spotify, and Apple Music not only offer music on one device, but across multiple devices simultaneously with the same paid membership.
Major challenges in the music streaming market in India is the intense competition among various streaming platforms. India has witnessed a significant increase in the number of music streaming services, both local and international, entering the market. Additionally, with multiple streaming platforms available, users have a wide range of options to choose from. This leads to intense competition in terms of pricing and subscription plans. Music streaming services need to offer competitive pricing and attractive subscription packages to attract and retain customers. Finding the right balance between affordability for users and sustainable monetization for the platforms is a challenge.
The India music streaming market is segmented into revenue model, service, platform, and region.
Based on service, the India music streaming market is segmented into on-demand and live streaming. Among these, on-demand music streaming has a significant share in the market during the forecast period due to the increasing availability of high-speed internet access and the widespread adoption of smartphones and laptops, which has made it easier for users to stream music on the go. The popularity of on-demand streaming services like Spotify, Gaana, and JioSaavn has also contributed to the growth of the market. These services offer users access to a vast selection of songs across multiple languages and genres, as well as personalized recommendations based on user preferences.
Based on platform, the India music streaming market is segmented into application based and web based. Among these, application-based music streaming has a significant share in the market during the forecast period. Music streaming applications are user-friendly, offer a better user experience, and load content faster. Music streaming applications also send push notifications to users who have the app installed on their system.
Major companies operating in the India music streaming market are:
- Spotify India LLP (Spotify)
- Saavn Media Limited (JioSaavn)
- Gamma Gaana Ltd. (Gaana)
- Airtel Digital Limited (Wynk Music)
- Apple India Private Limited (Apple Music)
- Amazon Seller Services Private Limited (Amazon Prime Music)
- Hungama Digital Media Entertainment Pvt Ltd. (Hungama)
- Google India Private Limited (Youtube Music)
- SoundCloud Limited (SoundCloud)
- Bytedance Ltd. (Resso)
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“India’s music streaming market is anticipated to grow during the forecast period, driven by a large and youthful population that is increasingly embracing digital platforms for entertainment. One of the key factors driving the growth of the music streaming market in India is the increasing availability of high-speed internet access across the country. The widespread adoption of smartphones has also played a significant role, as consumers are increasingly using their mobile devices to access music streaming services.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
India Music Streaming Market By Revenue Model (Subscription-Based Services, and Ad-Supported Services), By Service (On-Demand Music Streaming, Live Music Streaming), By Platform (Application Based, Web Based), By Region, By Company, Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of India music streaming market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India music streaming market.
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