Music Streaming Subscription Service Market Size, Share 2030
Music Streaming Subscription Service Market
Segments - By Product Types (Audio Streaming and Video Streaming), Service Types (Live Streaming and On-demand Streaming), And End Users (Residential and Commercial), and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 - 2028
Segments - By Product Types (Audio Streaming and Video Streaming), Service Types (Live Streaming and On-demand Streaming), And End Users (Residential and Commercial), and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 - 2028
Music Streaming Subscription Service Market Outlook
The global music streaming subscription service market size was valued at USD 18,323.5 Millionin2020 and is projected to reach USD 41,152.8 Millionby2028, expanding at a CAGR of 10.8% during the forecast period, 2021-2028. The music streaming subscription service market is projected to expand at a rapid pace globally, owing to urbanization a surge in the adoption of smart devices such as smartphones, and a rise in the popularity of digital platforms such as Spotify, Amazon Music, and Deezer.
Music streaming, or more specifically audio streaming, is a method of sending audio content directly to your device, without downloading 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, tickers, 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.
Streaming music subscriptions are extremely popular. Apple Music, available on Windows and Mac computers, is a streaming music subscription with over 40 million songs that one can stream to the computer. Amazon Music and YouTube Music offer similar subscriptions. All these paid programs offer free trials that allow a person to evaluate their services. Some services such as Spotify, Deezer, and Pandora offer free levels of ad-supported music with the option of premium paid levels.
The rapid growth of the music streaming industry and the rising urbanization population is helping the music streaming industryto 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, and 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.
Music Streaming Subscription Service Market Dynamics
Rising demand for premium services and music streaming subscription services allows consumers to stream and listen to music by connecting to the Internet. Similar to an online music store, many of these premium services do not have advertisements or any other fee options. With the growing adoption of digital music and increasing digitization, music streaming services are expected to register significant growth in the market.
The advent of IoT-based technologies and smart devices such as Alexa and Siri are the latest trend in the market. Companies are offering free subscriptions for a certain duration with these devices. Vendors are introducing easy availability of music on online platforms, which reduces the need to download the song and offers high-quality audio and playlist customization on the cloud. These factors increased the subscription rate for music.
Scope of Music Streaming Subscription Service Market
Attributes
Details
Report Title
Music Streaming Subscription Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year
2020
Historic Data
2018–2019
Forecast Period
2021–2028
Segmentation
Product Types (Audio Streaming, Video Streaming) Service Types (Live Streaming, On-demand Streaming) End Users (Residential, Commercial)
Regional Scope
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report
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., Times Internet
Music Streaming Subscription Service Market Segment Insight
Product Types Segment Analysis
In terms of product types, the music streaming subscription service market is segmented into audio streaming and video streaming. Over the projected period, the audio streaming segment is expected to dominate the market. Increasing volume of audio music streaming service subscribers globally, complimented by the high prices associated with the subscription across all major audio music streaming applications such as Apple, Spotify, Amazon Music, etc., has been a major driving factor for the audio streaming segment.
The video streaming segment is expected to expand at a significant CAGR, due increase in recent years as the ads are shown while streaming video on channels such as YouTube and Voot generate more revenue than audio streaming also it allows viewing video online without being downloaded to a computer or host device.
The audio streaming segment is projected to expand at a rapid CAGR, which is expected to grow at a significant CAGR during the forecast period owing to audio streaming utilizes system buffering and a secure data streaming platform to enable end-users to listen to full audio files without interruption, which is expected to drive segment growth.
Service Type Segment Analysis
In terms of service type, the music streaming subscription service market is segmented into on-demand and live streaming. The on-demand segment is expected to dominate the market during the forecast period, owing to the streaming video which has altered the way we watch videos on the internet, Amazon Web Services (AWS) offers two OTT video streaming solutions in the AWS Cloud to cost-effectively distribute media content to global viewers.
Over the forecast period, the demand for live streaming is expected to increase, due to development in live streaming service with a robust infrastructure and a good content delivery network (CDN) to achieve high-quality video.
End-Users Segment Analysis
In terms of end-users, the music streaming subscription service market is bifurcated into residential and commercial. Over the projected period, the commercial segment is expected to dominate the market.
Increasing development projects of commercial complexes, restaurants, gyms, health clubs, and malls, also due to growing digital music, and music keeps the employees happy and maintains their energy while doing their respective work is expected to boost the sale of music streaming subscription services in the commercial market.
Over the forecast period, the demand for the residential segment is expected to increase, 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
Regional Analysis
Based on regions, the global music streaming subscription service market is fragmented into North America, Europe, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2020 and the market in regions such as Asia Pacific (APAC) and North America is anticipated to expand at a substantial CAGR during the forecast period.
North America is expected to dominate the global music streaming subscription service market in the forecast period, due to the high adoption of digital music in the U.S., the availability of resources for offering advanced music streaming experience to the end-users, and the high disposable income of the end-users, in the region.
The region has witnessed the adoption of advanced data services such as uninterrupted 4G and high-speed broadband connectivity as well. These factors are fuelling the growth of the music streaming market in North America. Moreover, the music streaming market has high potential in Latin America & Asia Pacific, and China owing to the increasing adoption of free music streaming applications such as JOOX, Saavn, Gaana, etc.
Asia Pacific holds a substantial share of the market during the forecast period, due to the rapid increase in commercial activities in the region and significant growth of the global market, due to changes in the industry, such as increased demand due to the region's growing middle-class population. Many local players provide the freemium model of streaming services to sustain the volume-driven market in this region and to retain existing customers as well as attract new ones.
Countries such as India and China have a large customer base, which is expected to boost the market in the country. Asia-Pacific is expected to show a promising growth rate due to a surge in penetration of the internet and an increase in the adoption of smartphones coupled with rising in the number of subscribers.
The market in Asia Pacific is expected to develop at a rapid rate over the forecast period, due to a huge population base, rising young population, and advancements in the technological infrastructure of market players.
Over the forecast period, several factors, such as the expanding industrial sector and increased investments in the hearing aid batteries infrastructure sector, are expected to boost the demand for music streaming subscription services in North America.
Key Benefits for Industry Participants & Stakeholders
In-depth Analysis of the global music streaming subscription service market
Historical, Current, and Projected Market Size in Terms of Value and Volume
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints, and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on global music streaming subscription service market performance
On November 23, 2023, two streaming companies Spotify AB and Netflix Inc. collaborated together and launched Netflix Hub on Spotify where users can get the full audio streaming experience from their favorite entertainment shows.
Video Summary for Music Streaming Subscription Service Market
Chapter 1 Executive Summary Chapter 2 Assumptions and Acronyms Used Chapter 3 Research Methodology Chapter 4 Music Streaming Subscription Service Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Music Streaming Subscription Service Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Music Streaming Subscription Service Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Music Streaming Subscription Service Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Music Streaming Subscription Service Market Type & Forecast, 2018-2028 4.5.1 Music Streaming Subscription Service Market Type and Y-o-Y Growth 4.5.2 Music Streaming Subscription Service Market Absolute $ Opportunity 4.6 Pricing Analysis & Forecast, 2018-2028 4.7 Key Standards and regulations Chapter 5 Global Music Streaming Subscription Service Market Analysis and Forecast By Product Type 5.1 Introduction 5.1.1 Key Market Trends & Growth Opportunities By Product Type 5.1.2 Basis Point Share (BPS) Analysis By Product Type 5.1.3 Absolute $ Opportunity Assessment By Product Type 5.2 Music Streaming Subscription Service Market Type & Volume Forecast By Product Type 5.2.1 Audio Streaming 5.2.2 Video Streaming 5.3 Market Attractiveness Analysis By Product Type Chapter 6 Global Music Streaming Subscription Service Market Analysis and Forecast By Service Type 6.1 Introduction 6.1.1 Key Market Trends & Growth Opportunities By Service Type 6.1.2 Basis Point Share (BPS) Analysis By Service Type 6.1.3 Absolute $ Opportunity Assessment By Service Type 6.2 Music Streaming Subscription Service Market Type & Volume Forecast By Service Type 6.2.1 Live Streaming 6.2.2 On Demand Streaming 6.3 Market Attractiveness Analysis By Service Type Chapter 7 Global Music Streaming Subscription Service Market Analysis and Forecast By End Users 7.1 Introduction 7.1.1 Key Market Trends & Growth Opportunities By End Users 7.1.2 Basis Point Share (BPS) Analysis By End Users 7.1.3 Absolute $ Opportunity Assessment By End Users 7.2 Music Streaming Subscription Service Market Type & Volume Forecast By End Users 7.2.1 Residential 7.2.2 Commercial 7.3 Market Attractiveness Analysis By End Users Chapter 8 Global Music Streaming Subscription Service Market Analysis and Forecast by Region 8.1 Introduction 8.1.1 Key Market Trends & Growth Opportunities by Region 8.1.2 Basis Point Share (BPS) Analysis by Region 8.1.3 Absolute $ Opportunity Assessment by Region 8.2 Music Streaming Subscription Service Market Type & Volume Forecast by Region 8.2.1 North America 8.2.2 Europe 8.2.3 Asia Pacific 8.2.4 Latin America 8.2.5 Middle East & Africa (MEA) 8.3 Market Attractiveness Analysis by Region Chapter 9 Coronavirus Disease (COVID-19) Impact 9.1 Introduction 9.2 Current & Future Impact Analysis 9.3 Economic Impact Analysis 9.4 Government Policies 9.5 Investment Scenario Chapter 10 North America Music Streaming Subscription Service Market Analysis and Forecast 10.1 Introduction 10.2 North America Music Streaming Subscription Service Market Type & Volume Forecast by Country 10.2.1 U.S. 10.2.2 Canada 10.3 Basis Point Share (BPS) Analysis by Country 10.4 Absolute $ Opportunity Assessment by Country 10.5 Market Attractiveness Analysis by Country 10.6 North America Music Streaming Subscription Service Market Product Type & Volume Forecast By Product Type 10.6.1 Audio Streaming 10.6.2 Video Streaming 10.7 Basis Point Share (BPS) Analysis By Product Type 10.8 Absolute $ Opportunity Assessment By Product Type 10.9 Market Attractiveness Analysis By Product Type 10.10 North America Music Streaming Subscription Service Market Type & Volume Forecast By Service Type 10.10.1 Live Streaming 10.10.2 On Demand Streaming 10.11 Basis Point Share (BPS) Analysis By Service Type 10.12 Absolute $ Opportunity Assessment By Service Type 10.13 Market Attractiveness Analysis By Service Type 10.14 North America Music Streaming Subscription Service Market Type & Volume Forecast By End Users 10.14.1 Residential 10.14.2 Commercial 10.15 Basis Point Share (BPS) Analysis By End Users 10.16 Absolute $ Opportunity Assessment By End Users 10.17 Market Attractiveness Analysis By End Users Chapter 11 Europe Music Streaming Subscription Service Market Analysis and Forecast 11.1 Introduction 11.2 Europe Music Streaming Subscription Service Market & Volume Forecast by Country 11.2.1 Germany 11.2.2 France 11.2.3 Italy 11.2.4 U.K. 11.2.5 Spain 11.2.6 Russia 11.2.7 Rest of Europe 11.3 Basis Point Share (BPS) Analysis by Country 11.4 Absolute $ Opportunity Assessment by Country 11.5 Market Attractiveness Analysis by Country 11.6 Europe Music Streaming Subscription Service Market & Volume Forecast By Product Type 11.6.1 Audio Streaming 11.6.2 Video Streaming 11.7 Basis Point Share (BPS) Analysis By Product Type 11.8 Absolute $ Opportunity Assessment By Product Type 11.9 Market Attractiveness Analysis By Product Type 11.10 Europe Music Streaming Subscription Service Market Type & Volume Forecast By Service Type 11.10.1 Live Streaming 11.10.2 On Demand Streaming 11.11 Basis Point Share (BPS) Analysis By Service Type 11.12 Absolute $ Opportunity Assessment By Service Type 11.13 Market Attractiveness Analysis By Service Type 11.14 Europe Music Streaming Subscription Service Market Type & Volume Forecast By End Users 11.14.1 Residential 11.14.2 Commercial 11.15 Basis Point Share (BPS) Analysis By End Users 11.16 Absolute $ Opportunity Assessment By End Users 11.17 Market Attractiveness Analysis By End Users Chapter 12 Asia Pacific Music Streaming Subscription Service Market Analysis and Forecast 12.1 Introduction 12.2 Asia Pacific Music Streaming Subscription Service Market Type & Volume Forecast by Country 12.2.1 China 12.2.2 Japan 12.2.3 South Korea 12.2.4 India 12.2.5 Australia 12.2.6 South East Asia (SEA) 12.2.7 Rest of Asia Pacific (APAC) 12.3 Basis Point Share (BPS) Analysis by Country 12.4 Absolute $ Opportunity Assessment by Country 12.5 Market Attractiveness Analysis by Country 12.6 Asia Pacific Music Streaming Subscription Service Market Type & Volume Forecast By Product Type 12.6.1 Audio Streaming 12.6.2 Video Streaming 12.7 Basis Point Share (BPS) Analysis By Product Type 12.8 Absolute $ Opportunity Assessment By Product Type 12.9 Market Attractiveness Analysis By Product Type 12.10 Asia Pacific Music Streaming Subscription Service Market Type & Volume Forecast By Service Type 12.10.1 Live Streaming 12.10.2 On Demand Streaming 12.11 Basis Point Share (BPS) Analysis By Service Type 12.12 Absolute $ Opportunity Assessment By Service Type 12.13 Market Attractiveness Analysis By Service Type 12.14 Asia Pacific Music Streaming Subscription Service Market Type & Volume Forecast By End Users 12.14.1 Residential 12.14.2 Commercial 12.15 Basis Point Share (BPS) Analysis By End Users 12.16 Absolute $ Opportunity Assessment By End Users 12.17 Market Attractiveness Analysis By End Users Chapter 13 Latin America Music Streaming Subscription Service Market Analysis and Forecast 13.1 Introduction 13.2 Latin America Music Streaming Subscription Service Market Type & Volume Forecast by Country 13.2.1 Brazil 13.2.2 Mexico 13.2.3 Rest of Latin America (LATAM) 13.3 Basis Point Share (BPS) Analysis by Country 13.4 Absolute $ Opportunity Assessment by Country 13.5 Market Attractiveness Analysis by Country 13.6 Latin America Music Streaming Subscription Service Market Type & Volume Forecast By Product Type 13.6.1 Audio Streaming 13.6.2 Video Streaming 13.7 Basis Point Share (BPS) Analysis By Product Type 13.8 Absolute $ Opportunity Assessment By Product Type 13.9 Market Attractiveness Analysis By Product Type 13.10 Latin America Music Streaming Subscription Service Market Service Type & Volume Forecast By Service Type 13.10.1 Live Streaming 13.10.2 On Demand Streaming 13.11 Basis Point Share (BPS) Analysis By Service Type 13.12 Absolute $ Opportunity Assessment By Service Type 13.13 Market Attractiveness Analysis By Service Type 13.14 Latin America Music Streaming Subscription Service Market Type & Volume Forecast By End Users 13.14.1 Residential 13.14.2 Commercial 13.15 Basis Point Share (BPS) Analysis By End Users 13.16 Absolute $ Opportunity Assessment By End Users 13.17 Market Attractiveness Analysis By End Users Chapter 14 Middle East & Africa (MEA) Music Streaming Subscription Service Market Analysis and Forecast 14.1 Introduction 14.2 Middle East & Africa (MEA) Music Streaming Subscription Service Market Type & Volume Forecast by Country 14.2.1 Saudi Arabia 14.2.2 South Africa 14.2.3 UAE 14.2.4 Rest of Middle East & Africa (MEA) 14.3 Basis Point Share (BPS) Analysis by Country 14.4 Absolute $ Opportunity Assessment by Country 14.5 Market Attractiveness Analysis by Country 14.6 Middle East & Africa (MEA) Music Streaming Subscription Service Market Type & Volume Forecast By Product Type 14.6.1 Audio Streaming 14.6.2 Video Streaming 14.7 Basis Point Share (BPS) Analysis By Product Type 14.8 Absolute $ Opportunity Assessment By Product Type 14.9 Market Attractiveness Analysis By Product Type 14.10 Middle East & Africa (MEA) Music Streaming Subscription Service Market Type & Volume Forecast By Service Type 14.10.1 Live Streaming 14.10.2 On Demand Streaming 14.11 Basis Point Share (BPS) Analysis By Service Type 14.12 Absolute $ Opportunity Assessment By Service Type 14.13 Market Attractiveness Analysis By Service Type 14.14 Middle East & Africa (MEA) Music Streaming Subscription Service Market Type & Volume Forecast By End Users 14.14.1 Residential 14.14.2 Commercial 14.15 Basis Point Share (BPS) Analysis By End Users 14.16 Absolute $ Opportunity Assessment By End Users 14.17 Market Attractiveness Analysis By End Users Chapter 15 Competition Landscape 15.1 Music Streaming Subscription Service Market: Competitive Dashboard 15.2 Global Music Streaming Subscription Service Market: Market Share Analysis, 2020 15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy) 15.3.1 Spotify 15.3.2 Apple Inc. 15.3.3 Amazon.com, Inc. 15.3.4 Tencent Music Entertainment Group 15.3.5 Alphabet Inc. 15.3.6 Deezer 15.3.7 Sirius XM Radio Inc. 15.3.8 Sound Cloud Limited 15.3.9 TIDAL 15.3.10 Kakao Corp. 15.3.11 iHeartMedia, Inc. 15.3.12 Times Internet
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Major players include 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., Times Internet.
The market is expected to increase at 9.0% between 2019 and 2020, owing to the effect of COVID 19 pandemic on the music streaming subscription service market
The base year considered for the global music streaming subscription service market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018 and 2019 are the historic years, and the forecast is provided from 2021 to 2028.
Rapid growth of music streaming industry and rising urbanization with population is helping music streaming industry to grow worldwide. The music streaming subscription service market is expected to develop, due to rapidly growing music streaming industry throughout the projected period. Key trends that assist the growth of the music streaming subscription service market are the growing young population and the adoption of machine learning and artificial intelligence in music streaming industry.
In addition to market size (in US$ Million), Company Market Share (in % for base year 2020), Regulatory Landscape, Technology Landscape, Patent Analysis, and Consumer Survey are available in the report.
According to this Growth Market Reports report, the music streaming subscription service market is expected to register a CAGR of 10.8% during the forecast period, 2020-2028, with an anticipated valuation of USD 41,152.8 million by the end of 2028.
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