Abstract
On-demand music streaming has grown remarkably driving the growth in digital to compensate for the decline in downloads. Additionally, Technology and innovation has donated immensely to the Internet architecture and applications of audio streaming services. More recently, the rise in paid music streaming service companies such as Apple Music, MelOn, YouTube Music, Spotify, and SoundCloud was responsible for the increase of the on-demand music streaming services revenue. The rapid birth of these new audio streaming services relied on not only the mobile or online applications but also on the market penetration strategy of companies from different industries motivated to take part of the Music Industry. This comparative study of major music streaming services illustrates the significant impact of on-demand music streaming services on the global growth of the Recorded Music Industry. Additionally, the study underlines Internet technology advancement, connectivity including Wireless, and dynamic and diverse markets as the driving forces behind the rapid growth of on-demand music streaming services. From a practical perspective, this research study provides insights on the current state of the Music Industry and its future direction that can be valuable to new entrants, current market players, investors, stakeholders, and R & D.
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