Market Trends of Music App Industry
This section covers the major market trends shaping the Music App Market according to our research experts:
Rising Demand for In-App Purchases
- The global smartphone user base of over 6.3 billion makes the booming mobile app market unsurprising. It shows no signs of slowing down soon since app usage and smartphone penetration are still expanding steadily.
- Mobile applications have profoundly altered our daily lives. Numerous adaptable programs, including Spotify, Pandora, and others, are finding a place in our daily lives. Music enthusiasts can now quickly access the app because data is readily available and affordable. Users of the app can listen to music wherever and whenever they want. Over the past decade, millions of customers have used reputable on-demand music streaming apps.
- The music app market is expanding owing to the effortless in-app purchasing services and the quick conversion of users to cloud storage-based apps have significantly increased the popularity of music apps. Due to the increased demand for podcast management software services, the market grew throughout the pandemic. Notably, the various discounts and offers the music application key players provide to its customers as a way of value addition are driving the demand for in-app purchases worldwide.
- Spotify, undoubtedly the most well-known music streaming service, is a major player in the sector, with more than 406 million subscribers and access to 80 million songs from practically any artist anyone can imagine. With the opportunity to make custom playlists, the mobile app offers the same functionality as its desktop counterpart, allowing you to stream individual songs or full albums.
- In September last year, Spotify was the top downloaded music app for iPhone in the Apple App Store. Users of iPhones downloaded 3.28 million times from the music streaming service. With almost 1.1 million downloads from consumers worldwide, YouTube Music was the second-most downloaded music app.
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Music Apps in High Demand in North America
- North America has had a significant market share in the past few years. Also, the growth is expected to continue in the forecast period. This growth is attributable to increased consumer demand in the United States and Canada for online songs and playlists of different genres that are rapidly growing across the region.
- The United States is said to be the technological hub of the world. The country makes a consistent effort to rapidly develop the newest technology and applications, with continuous innovation and the extending trend of utilizing technologically sophisticated apps that can make a long-term impact.
- The existence of major market participants like Apple, Inc., Inc., Google LLC, and Pandora Media, Inc. are crucial drivers supporting this region's industry. Notably, the companies are integrating artificial intelligence (AI) to track the changing choice and provide them to the clients. The regular infusion of emerging technologies and the rising need for specified preset features in music apps are expected to increase demand.
- The North American region has significant internet coverage and is quickly expanding. Furthermore, as of August last year, Americans received 167 Mbps of download speed and 22 Mbps of upload speed on their fixed broadband connections, placing them sixth in the world for median fixed broadband speeds, according to Ookla's Speedtest.net. Also, the region is very rapidly witnessing the roll out of 5G plans. These factors contribute very highly to the growth of the market.
- Notably, as of 2021, there were 298 million smartphone users in the United States, making it one of the largest smartphone markets in the world. Over the previous few years, the smartphone penetration rate in the United States has steadily increased, reaching 85% in February 2021, in line with the general expansion of the smartphone market globally. The strong penetration of smartphones in the market is also expanding the demand growth for music apps.
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