The music streaming market in SAM is expected to grow from US$ 1235.4 million in 2019 to US$ 2782.0 million by 2027; it is estimated to grow at a CAGR of 10.4% from 2020 to 2027.
Growing number of music subscribers is bolstering the music streaming market across SAM. Music streaming service providers such as Apple has witnessed increase in spending on music. The company’s paid subscriber base is larger than Spotify's. In context to music subscribers, Spotify always aims to convert free listeners into paid subscribers. The paid subscription services are capturing largest SAM market share driven by the emergence of new services such as Apple Music and Amazon prime. The concept of digitalization is accelerating the popularity of music streaming websites. A large portfolio of music subscribers managed by music streaming service providers is supporting to drive the growth of entire music streaming market across the SAM. Thus, rising number of music subscribers is expected to increase the music streaming market across SAM. Increasing popularity of digital music streaming websites is among the other factors expected to positively influence the music streaming market across SAM.
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The government of SAM has taken an array of actions to protect their citizens and contain the spread of COVID-19. SAM is one of the most promising markets for music streaming. Vendors are adopting strategic initiatives to increase the number of subscribers during the COVID-19 pandemic in SAM. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the music streaming market growth of the SAM region for the next few quarters.
In terms of content type, the audio streaming segment led the SAM music streaming market in 2019 In recent years, people have started to shift from offline to online music streaming platform such as apple music, amazon music etc. Beginning from music streaming to podcasts, an appetite for digital audio has been witnessed. Preference for smart devices, smartphones, and tablets continues to propel audio streaming. When it comes to delivering content, smartphones are the new preferred medium. Online audio streaming is accessible from anywhere at any time by a person, and is widely available. Additionally, Labels as a Service (LaaS) is becoming one of the top most trends in audio streaming and is expected to further create more growth opportunities for audio streaming arena, which ultimately drives the SAM music streaming market.
The overall SAM music streaming market size 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 overview and forecast for the SAM music streaming market with respects 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 who typically take part in such a 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 SAM music streaming market. Amazon.com, Inc.; Apple, Inc.; Deezer, Google LLC; and Spotify Technology S.A. are among a few players operating in the SAM music streaming market.