Music App Market To Scale New Heights With CAGR of 8.0% By 2028 on Account of Rapidly Increasing Demand For An OTT Music Platform Globally | Million Insights

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According to new report available with Million Insights, the global music apps industry research report offers thorough insights on key players, challenges, opportunities and impact of COVID-19. It also offers ready, data-driven answers to several industry-level questions.

The global music app market 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 market growth is owing to the growing penetration of 5G services across the globe. Rapidly growing demand for an OTT music platform across the globe is bolstering the market growth.

Digital revolution across emerging economies such as China and India is propelling the growth of the market. International Federation of the Phonographic Industry (IFPI) had 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. Moreover, a surge in the adoption of apple music in North America is propelling the growth of the market.

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Key players are focusing to provide ad-supported playlists for music apps. The prime players are offering unlimited paid access with the advanced user interface. Multiple companies are providing subscription-based audio streams to improve digital revenue. The evolution of music consumption from physical to streaming-based content is anticipated to emerge as a major growth contributor for the global market.

The Apple iOS Store segment will register the highest CAGR over the forecast period. This can be accredited to the growing demand for i Tunes from consumers in the U.S. and the U.K. Additional security concern and seamless connectivity features are fueling the market growth. Multitasking, fast access to i Tunes store, and automatic updates are reflecting the significant market growth during the forecast period.

North America made the largest contribution in the global music app with over 40% share in 2020 due to the rising demand for recorded music from the consumer the U.S. and Canada. The rising trend in the U.S. to adopt social media integrations are propelling the market growth. The market share of the U.S. is driven by the rising demand for voice search and command-based music apps.

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Music App Market Report Highlights

• North America made the largest contribution to the global music app with over 40% revenue share in 2020. This can be credited to the growing investment for the content delivery network from the major key players of the U.S. and Canada

• Google play store segment contributed to the highest share of 65% in the global revenue in 2020. This can be credited to the rising demand for cost-effective services for the music app from the consumers of the U.K. and the U.S.

• Apple iOS Store segment is projected to witness a CAGR of 9.7% from 2021 to 2028. This can be attributed to the growing demand for multi-device enabled i Tune services from consumers of developed economies such as the U.S. and Germany

• Asia Pacific is projected to witness a CAGR of 10.3% from 2021 to 2028. Soaring demand for payment integration based music app in China is estimated to escalate the market growth over the forecast period

Music App Market Segmentation

Million Insights has segmented the global music app market based on marketplace and region:

Music App Marketplace Outlook (Revenue, USD Million, 2017 – 2028)

  • Google Play Store
  • Apple iOS Store
  • Others

Music App Regional Outlook (Revenue, USD Million, 2017 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Central & South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

List of Key Players of the Music App Market

  • Deezer
  • Google LLC.
  • iHeartMedia, Inc.
  • Pandora Media, Inc.
  • SoundCloud Limited
  • Tidal (Aspiro AB)
  • Spotify AB
  • Infinum
  • Miquido
  • Reinvently

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