Music streaming market to reach $47bn in next 5 years

06Apr 2022
Correspondent
The Guardian
Music streaming market to reach $47bn in next 5 years

​​​​​​​IN this digital age, music and content streaming has become increasingly popular as digital music streaming platforms and websites transform the way people access and listen to music and other content.

Discerning artists and individual music lovers are now taking advantage of music streaming platforms to access content provided by respective service providers for their listening enjoyment   and pleasure.

According to the new research report titled “Music Streaming Market – Global Analysis and Forecast to 2027,” the global music streaming market is expected to reach $46.99 billion by 2027 – recording a Compound Annual Growth Rate (CAGR) of 7.4 percent during 2020 – 2027.

CAGR is one of the most accurate ways to calculate and determine returns on investment that can rise or fall in value over time – assuming the profits were reinvested at the end of each period of an investment’s life span.

According to the report published by global research firm, The Insight Partners, “The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Additionally, the availability of free-trial and paid subscription is playing a significant role in boosting the application of digital music platforms.”

All these statements also hold true at the local and regional level as the scope of digital music streaming websites takes over the musical scenario.

“With the emergence and rise of online content streaming and downloads as the prime way in which people access, listen to and acquire new music, our company, Mdundo.com is putting more time, effort, investment and innovation into supporting local Tanzanian artistes. Millions of online users from inside and outside the country now have easy and direct access to  newTanzanian music and mixtapes daily from a wide range of artists and genres available on our platform,” Frida Muraguli, Project Manager – Tanzania for Mdundo.com affirms.

 “The availability of cloud technology, regional music offerings, increased smartphone adoption, a digitally savvy population, advanced streaming applications, increasing disposable income and lesser cost of data are some of the major aspects transforming the entire landscape of music streaming,” Mdundo’s Marketing Manager, East Africa, William noted. 

“Starting from April 1 – 30th this Ramadhan season, Muslim believers can enhance their spiritual journeys every day by listening to and downloading first of its kind, Exclusive Kaswida DJ Mixes on Mdundo.com,” the Project Manager - Tanzania for Mdundo.com confirmed.

She said this first of its kind, premium offer is open to believers of all faiths including other conventional music lovers. It provides direct access to premium Mdundo DJ Mixtapes for as low as 100/-, 500/- or 3,000/- - daily, weekly or monthly respectively.

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