In 2020, the COVID-19 outbreak prompted most countries to impose lockdowns in order to prevent the virus from spreading. Moreover, the expanding podcast genres on these portals are propelling the market growth. These platforms are gaining popularity owing to features such as song recommendations, automatic playlist personalization, and hassle-free connectivity on apps and browsers.
Platforms that allow users to listen to audio and podcasts and watch music videos are examples of music streaming services.
The rising penetration of digital platforms and the growing use of smart devices are anticipated to boost the market growth over the forecast period. The global music streaming market size was valued at USD 29.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030.
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