The global online music streaming market wide is projected to grow by US$56.7 billion, driven by a compounded growth of 33.6%, through 2025, according to Research and Markets.
The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market, adds the research group. Representing the developed world, the U.S. will maintain a 30.8% growth momentum.
Within Europe, which continues to remain an important element in the world economy, Germany will add over $2.3 billion to the region’s size and clout in the next 5-6 years, according to Research and Markets. Over $2 billion worth of projected demand in the region will come from Rest of Europe markets.
In Japan, online music streaming will reach a market size of $3.3 billion by the close of 2025, says Research and Markets. As the world’s second largest economy and the new game changer in global markets, China exhibits the potential to grow at 40.1% over the next couple of years and add approximately $13.9 billion in terms of addressable opportunity for the picking by aspiring businesses and their astute leaders, adds the research group.