According to a recent market study published by Growth Market Reports, titled, “Global Music Streaming Subscription Service Market by Product Types, by Service Types, by End User: Size, Share, Trends and Opportunity Analysis, 2020-2028”, the market was valued at US$ 18,323.5 Million in 2020 and is expected to expand at a growth rate of 10.8% by 2028.
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Music streaming, or more specifically audio streaming, is a method of sending audio content directly to your device, without having to download files from the Internet. Streaming is an alternative to file downloading, a process whereby the end user gets the entire file for content before watching or listening to it. With streaming, an end user can use their media player to start playing digital video or digital audio content before the entire file has been played.
The term “media streaming” can be applied to media content other than video and audio, such as live captions, ticker, and live text, all of which are considered “streaming text”. Streaming is widely used in video-on-demand and streaming television services. Other services broadcast music. The music streaming services companies like Spotify, Pandora, and Apple Music use this method to stream the songs that you can listen to on all types of devices.
Online music streaming is a way to stream sound or music without the need to download files from the Internet. Technically, servers like Spotify and Pandora send information (raw files) to individual music streaming devices immediately after compressing the raw file. The required audio file is delivered in small data packets so that the data is buffered on the computer and played immediately as long as a constant stream of packets is transmitted to your computer, you will hear the sound without interruption.
The global music streaming subscription service market has been segmented into product types, service types, end-users, and regions. In terms of product types, the global music streaming subscription service market is bifurcated into audio streaming and video streaming. Based on service types, the global music streaming subscription service market is segmented into live streaming and on-demand streaming. On the basis of end-users, the global music streaming subscription service market is bifurcated into residential and commercial. In terms of sub-regions, the Global hearing aid battery market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Rapid growth of music streaming industry and rising urbanization with population is helping music streaming industry to grow worldwide. The growing popularity of digital platforms and the growing adoption of smart devices are expected to positively impact the growth of the industry during the forecast period. Music streaming services include platforms that allow users to listen to audio, podcasts, and watch music videos. Additionally, these platforms offer features like song recommendations, automatic playlist customization, and hassle-free accessibility on apps and browsers, which should also grab the attention of end users during the forecast period.
The global music streaming subscription service market is fragmented based on product type, the music streaming subscription service market is bifurcated into audio streaming and video streaming. In terms of service type, the music streaming subscription service market is segmented into live streaming and on-demand streaming. Based on end user, the music streaming subscription service market is bifurcated into residential and commercial.
The global music streaming subscription service market is expected to increase in terms of year-on-year growth for 2020 as compared to 2019. The outbreak of the COVID19 pandemic is further acting as a key driving force in the global online music streaming market. This is attributed to the fact that the government has imposed a strict blockade to contain the spread of the virus. As a result, people have been forced to stay at home which, in turn, has increased the adoption and use of online music services around the world.
As per Growth Market Reports industry analyst, “Music streaming subscriptions service is expected to be popular among end-users during the forecast period. The residential segment is growing due to factors such as growth in consumer electronics, high-speed internet services, high net disposable income, and internet penetration in developing countries, which are driving the growth of the music streaming subscription service market. In addition, changes in lifestyle of individuals, which comprise listening to music during commuting, daily chores, and exercising, have led to the growth of the residential segment.
However, the commercial segment accounted for a sizable portion of the market. Because of the development of commercial complexes, restaurants, gyms, health clubs, and malls, the commercial segment is expected to grow at a promising rate. Furthermore, commercial users must adhere to the strategies established by national or regional music streaming establishments. These are the factors that are expected to drive the commercial segment's growth. Over the last few years, the trend of growing young population around the world accelerated significantly. Music streaming subscription service increased as a result of commercial activities and urbanization.”
Key Takeaways from the Study
- North America segment held 31.1 % value share of the market in 2020. The segment is projected to account for the largest share of the market during the forecast period.
- The U.S. in North America segment held 86.9% value share of the market in 2020. The segment is projected to account for the largest share of the market during the forecast period.
- Key players including Spotify, Apple Inc., Amazon.com, Inc., Tencent Music Entertainment Group, Alphabet Inc., Deezer, Sirius XM Radio Inc., Sound Cloud Limited, TIDAL, Kakao Corp., iHeartMedia, Inc., and Times Internet holds a major market share of the global music streaming subscription service market in 2020.
- In terms of value, the audio streaming segment is expected to dominate the market. Growing use in busy and hectic lifestyle of consumers enables them to access audio content easily as compared to that of the video content is driving the market.
- In terms of value, the on-demand segment is expected to dominate the market during the forecast period, due to the growing popularity of digital platforms and the increasing adoption of smart devices is expected growth during forecast period.
- In terms of value, the commercial segment is expected to dominate the market. Increasing development projects of commercial complexes, restaurants, gyms, health clubs, and malls, the commercial segment is expected to grow at a promising rate.
Report Scope
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Report Metric |
Details |
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Market Value in 2020 |
US$ 18,323.5 Million |
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Market Growth Rate (from 2020 to 2028) |
10.8% |
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Historical Data |
2018 & 2019 |
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Base Year |
2020 |
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Forecast Period |
2020 - 2028 |
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Units Considered |
Value (US$ Million) |
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Market Segments |
By Product Types, By Service Type, By End User |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). |
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Key Companies Profiled |
Spotify, |
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Customization Scope |
Report customization available on request |
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Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
Target Audience
- Supply-side: Manufacturers, Distributors & Resellers, and Content Creators
- Demand Side: Adults, Teenagers.