What will be the market size of music live streaming in 2023? Share Research Report and Forecast

General

In 2022, music subscriptions progressed very rapidly and gained a large number of users, which generated a large profit. Since this trend has continued in recent years, it is thought that it will continue in 2023. In 2023, attention will continue to focus on whether the live market will recover along with the rapid growth of markets such as streaming.

Expansion of the streaming market

An overview of the growth of the global music distribution market can be found by analyzing the report, which shows that corporate content has been rapidly expanding since the late 2010s, and will increase at an average annual growth rate of 15% over the forecast period from 2023 to 2033. It is said that it will continue to change. The streaming market will reach $20 billion in revenue in 2022. The number of music streaming users has rapidly increased from approximately 300 million in 2019 to 525 million in 2021. The main reasons behind this are as follows. The main product is YouTube. We are now in an era where various consumer digital strategies are greatly promoted and developed online when the opportunity arises.

Spread of smartphones

The early 2000s was a time when computers had not yet become widespread in ordinary households. However, in the 2000s, smartphones became commonplace, deeply penetrated households, and have now become a daily necessity. The number of users of music streaming services is rapidly increasing because they are easily accessible from smartphones and can be started immediately. Recently, it has become a necessary media throughout North America and the Asia-Pacific region, and the demand for viewing is increasing, and the number of new customers is increasing.

Advances in hardware

Comparing the 1900s and the 2000s, the era is so different that it seems like they are different stars. Everything has become so convenient thanks to rapid advances in hardware. It has become possible to have a large number of music genres and a large number of music songs, and it has become possible to provide it as a service. With seamless music streaming every minute and hassle-free accessibility, users enjoy a very convenient service.

Privacy and security issues

Future issues will include privacy protection and security issues as access becomes easier. Since personal information may be leaked, the key is how service providers can improve this situation. However, currently there are no major problems on the service provider side. Market research predicts that the number of people purchasing online will continue to increase as viewers’ demand for real-time live broadcasts and streaming is expanding and becoming a trend.

Change in living environment

Rapid advances in hardware have changed the needs of people. There is an increasing focus on curating platforms where people can watch music videos and podcasts and stream videos. This is exactly what streaming services are for. There are a lot of factors that make it popular.

live market

In 2019, the live music market was hit hard by the virus outbreak that caused trouble to the world in China. It is said that 80% of music concerts and stages have disappeared, but the live market has not yet fully recovered. The reality is that all live venues are struggling to attract customers, and all eyes are on how far the market will recover in 2023. The number of media consumed by type, such as social games, blogs, and SNS, is increasing on a large scale, and this is attracting attention as the population increases. Competition will intensify in the entertainment environment with the introduction of mobile applications and categories such as live video. Although it depends on the purpose and use, the global network is rapidly expanding.

Number of people limit

What is troubling the live market is the prolonged limit on the number of people, which is one of the measures to prevent infection. The reality is that even at venues with a large number of customers, the number of people is limited, so there is not much profit. In the case of live music, there are many concerts that can be expected to attract tens of thousands of people, so this limit on the number of people is one of the reasons why it is difficult to make a profit.

Expectations for new drug development

In the case of businesses such as live performances that are physically enjoyed, the market is far from recovering unless a new drug that can cure the disease itself comes out. A vaccine is out, but it will take a little longer because of the high incidence of side effects. New drug development is also a key factor. Even if it develops, if it can be cured, it will not be so much of a threat. The hard work of the pharmaceutical industry holds the key to live market recovery.

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