Media Streaming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Media Streaming Market Analysis

The Media Streaming Market is expected to grow at a CAGR of 23.2% during the forecast period (2021 - 2026). The growth of the market is fuelled by the growing demand for subscription-based services, increasing availability of region-specific and original content, and popularity of live sports. These drivers are changing the strategies adopted by the vendors in the market as the emphasis on enhanced customer experience by providing personalization, and low-cost services are increasing day by day.

• Netflix offers its most basic plan starting at USD 8.99 per month and USD 12.99 for its high-definition service. Amazon Prime customers can get an annual membership for USD 119 or pay USD 12.99 a month, while Hulu members pay USD 11.99 per month, and Disney+ is set to launch on November 12 for USD 6.99 a month. The market is, therefore, getting more competitive with such price wars and more and big players entering the market, such as Apple and Disney.
• Furthermore, rapid adoption of smartphones and cloud-based services, increased penetration of OTT platforms as compared to tradition pay-tv, and incorporation of AI and machine learning to help regulate live streaming and provide insights on consumer usage pattern, and partnerships to offer more and region-specific content has increased the growth of video streaming segment across regions. For instance, Netflix has 75,000 different content genres and provides personalized content for individual users through recommendation, which is possible due to the algorithms allowing it to do so.
• The ongoing spread of coronavirus has positively impacted the media streaming industry due to enforced home confinement measures. The vendors were witnessing a spike in the number of subscribers and a peak in viewership across regions due to increased demand for online streaming and changed consumer. For instance, In the first quarter of 2020 ending on March 31, Netflix added 15.8 million subscribers globally, which is more than double the 7.2 million that were expected and growth of 22.5% year on year.

Media Streaming Industry Segments

Media streaming refers to any media content, live or recorded to be delivered to computers, mobile, and other devices via the internet, and played back in real-time. Podcasts, webcasts, movies, TV shows, and music videos are common forms of streaming content. The report provides in-depth analysis of various content types offered to consumers across the world via subscription and advertisement based revenue models to be accessed through devices such as mobile phones, tablets, etc. 

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Media Streaming Market Trends

This section covers the major market trends shaping the Media Streaming Market according to our research experts:

Music Streaming Segment is Expected to Witness Significant Growth

• Music streaming providers are offering exclusive content with podcasts and original content, which first attracts the people towards the platform and eventually turns them as subscribers. Moreover, promotional activities like price cuts in subscriptions in growing markets and bundled offers from telecommunications players are expected to boost the growth further.
• For instance, Spotify witnessed a YOY growth of 31% of the total revenue and a 35% share of the total paid subscriptions, mainly due to increased promotional activities such as free Spotify premium for three months, price cuts in subscription models, etc.
• Players in the market are offering new features such as curated playlists, night mode, and lossless music for improved targeting, which is also providing companies with a competitive edge over others, thus making the market competition stronger. This is also done to improve customer retention as the number of options in the market increase continually. For instance, in September 2019, Amazon launched a new tier of its music service, dubbed Amazon Music HD. It offers lossless versions of audio files for streaming or downloading at a lower price comparatively.
• Although global players are strongly penetrating their music streaming platforms by adopting various strategies, regional players still have a stronghold in their respective regions, owing to regional exposure and high focus on local content. For instance, Gaana continues to be the number 1 player in the Indian market, whereas Yandex Music is leading in Russia. Similarly, Tencent Music Group is one of the leading players in China market because of its apps QQ Music, Kugou, and Kuwo.

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