The global music streaming market size was valued at USD 34.5 Billion in 2022 and is likely to reach USD 115.79 Billion by 2031, expanding at a CAGR of 14.4% during 2023–2031. The growth of the market is attributed to growing popularity of digital platforms and increasing adoption of smart devices across the globe.
Music streaming services include platforms that allow users to listen audios, podcasts, and watch music videos. The music subscription streaming services offer streaming music through Internet without purchasing or downloading the music files. Major music streaming applications in the market are Amazon music, Apple, and Spotify.
Music Streaming Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of consumers opting for paid subscriptions is driving the growth of the market
- Growing smartphone usage and population and increasing Internet penetration are positively influencing the market growth.
- Rising number of users that are streaming podcasts and music amidst the COVID-19 pandemic is propelling the growth of the market
- Lack of interest of people in music streaming is restraint the growth of the market
Scope of Music Streaming Market Report
The report on the music streaming market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Music Streaming Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Services (On-demand streaming and Live streaming), Platforms (Apps and Browsers), Content Types (Audios and Videos), and End-users (Individual and Commercial)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Spotify AB, Apple, Inc., Amazon. Com, Inc., Google LLC, Deezer, Sirius XM Holdings, Pandora Media, Inc., Tencent Music Entertainment Group, Sound Cloud Limited, Tidal, JOOX, iHeartRadio, and Others.
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Music Streaming Market Segment Insights
Services Segment Analysis
On the basis of services, the market is divided into on-demand streaming and live streaming. The on-demand segment dominated the market with a revenue share of over 75% in 2020. On-demand streaming services have emerged as a promising solution for stakeholders, distributors, and musicians, as it restricts the illegal sharing and download of music.
On the other hand, the live streaming segment is anticipated to witness substantial during the forecast period. Live streaming refers to broadcasting live content in real time to people over the internet.
Platforms Segment Analysis
Based on the platforms, the market is divided into apps and browsers. The apps segment accounted for a significant share of the market in 2020, in terms of revenue. Music apps provided over thousands of songs track that can be purchased right from the app.
High speed internet and growing adoption of smartphones is increasing the demand for music streaming apps globally. On the other hand, the browser segment accounted for a considerable share owing to the ability of browser to provide access playlists and libraries without a dedicated app.
Content Types Segment Analysis
On the basis of content types, the market is divided into audios and videos. The audios segment dominated the market in 2020, in terms of revenue. Increasing number of users listening songs while exercising and commuting to work is propelling the segment growth.
On the other hand, the videos segment accounted for a significant share of the market during the forecast period. The availability of video content on streaming platforms make it more engaging for the users.
End-Users Segment Analysis
On the basis of the end-users, the market is divided into individual and commercial. The individual segment dominated the market owing to changing lifestyle of millennials, which has increased the penetration of music streaming applications. Conversely, the commercial segment is expected to grow a significant rate during forecast period.
Regional Analysis
Based on regions, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a significant market share in 2020, in terms of revenue. High penetration of connected devices and established digital payment infrastructure are propelling the growth of the market in the region.
Segments
The music streaming market has been segmented on the basis of
Services
- On-demand streaming
- Live streaming
Platforms
Content Types
End-users
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Spotify AB
- Apple, Inc.
- Amazon.Com, Inc.
- Google LLC
- Deezer
- Sirius XM Holdings
- Pandora Media, Inc.
- Tencent Music Entertainment Group
- Sound Cloud Limited
- Tidal
- JOOX
- iHeartRadio
Competitive Landscape
Major players of the music streaming market are Spotify AB, Apple, Inc., Amazon. Com, Inc., Google LLC, Deezer, Sirius XM Holdings, Pandora Media, Inc., Tencent Music Entertainment Group, Sound Cloud Limited, Tidal, JOOX, iHeartRadio, and Others.
Companies are engaging in partnership, collaboration, and merges. Moreover, the companies are focusing on expanding their product portfolio to expand their expand share.
In 2020, Deezer partnered with Orange Egypt. The partnership allowed customers in Egypt to sign up for Deezer Premium with unlimited access to music and podcasts.
In 2019, Sirius XM Holdings, a major audio entertainment company, acquired Pandora Media, Inc., a US-based music streaming service provider.
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