USD 33.78 Billion
Music Streaming Market Size, Share, Growth Analysis, By Service(On-demand Streaming, and Live Streaming), By Platform(Apps, and Browsers), By Content Type(Audio, and Video), By End-use(Individual, and Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG50H2004 |
Region:
Global |
Published Date: March, 2024
Pages:
177
|Tables:
113
|Figures:
77
Music Streaming Market Insights
Global Music Streaming Market size was valued at USD 33.78 Billion in 2022 and is poised to grow from USD 38.75 Billion in 2023 to USD 116.07 Billion by 2031, at a CAGR of 14.7% during the forecast period (2024-2031).
The implementation of smart devices is projected to grow during the predicted time period, along with the adoption of digital platforms. Websites that enable users to view music videos, hear to audio, & subscribe to podcasts are considered music streaming services. These platforms are growing in popularity as a result of features like automatic playlist customization, song recommendations, and simple connectivity on apps & browsers. The market is also growing as a result of the expanding podcast genres available on these platforms.
One of the greatest developments in the global industry is the increasing adoption of 5G connectivity. Amazon has seized this chance by introducing a new music HD service that promises lossless audio streams & downloads to music lovers in the United States, the United Kingdom, Germany, and Japan. Companies are going to be able to provide high-fidelity musical streams when 5G becomes more commonly used since it can deliver data several times quicker than 4G can. Hologram concerts, virtual reality (VR), augmented reality (AR), and other emerging technologies are predicted to become quite popular for live streaming music videos. Such changes are accelerating the market's expansion.
Music streaming services are focusing on integrating podcasts, song lyrics, or music videos onto their platforms to improve the user experience. For instance, in November 2021, Spotify AB and Netflix, Inc., an American film production company and subscriber streaming service, partnered to give Spotify consumers access to exclusive music, playlists, and content on the music streaming platform. SoundCloud Limited has bought Report Network, a music distributor with a SoundCloud focus, to give innovative creators access to invite-only services and capabilities like content protection, analytics dashboards, streaming delivery, and more.
For owners of musical intellectual property, new licensing opportunities are starting to emerge. Platforms like e-fitness, short films, and others are putting a lot of effort into acquiring IP rights from music publishers and producers in order to potentially develop new revenue streams. For instance, a licensing agreement was negotiated between the Nation's Music Publishers Association (NMPA) and the Tok-tok platform, which has approximately 100 million active U.S. users each month and 700 million active users each month overall. There is a lot of regulation in the music industry nowadays, with a focus on the publication rights of the songs in particular. In order to recognise the rights of music producers in the digital age, a number of legal amendments have also been made. Even if these modifications reduce the revenue of music streaming services, they will undoubtedly benefit.
US Music Streaming Market is poised to grow at a sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-demand Streaming
Fastest Growth
Live Streaming
Growth Rate
14.7% CAGR
Global Music Streaming Market ($ Bn)
Country Share for North America Region (%)
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Music Streaming Market Segmental Analysis
The global music streaming market is categorized on the basis of service, platform, end-use, content type, and region. Based on service the market is segmented on-demand streaming, live streaming. Based on platform the market is segmented into apps, browsers. Based on content type the market is segmented into audio, video. Based on end-use the market is segmented into individual, commercial. Based on region the global music streaming market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Music Streaming Market Analysis by Service
The on-demand streaming market accounted for more than 70.0% of total revenue in 2022. During the projection period, this market sector is likely to rule. For all parties—from distributors to musicians—on-demand streaming services have significantly reduced unauthorized music streaming and downloading. Additionally, they enhance client ease by providing tools for discovery and suggestions based on their interests.
The live streaming industry is anticipated to experience the highest CAGR of 16.0% between 2022 and 2030. The potential for broadcasting to reach a larger audience is the primary driving force behind the industry. Instantaneously delivering live content to consumers online is known as live streaming. A lot of social networking sites also offer live videos in addition to companies designed specifically for live broadcasting. Due to the growing popularity of live videos, musicians are increasingly streaming live on websites like YouTube Live, Facebook, Instagram, & Periscope. This trend is expected to continue driving the segment during the projection period.
Music Streaming Market Analysis by Content Type
The audio segment had the highest revenue share—more than 60.0 Audio information can be listened to while doing other things, especially while driving, exercising, or doing housekeeping. Listeners can multitask while listening to audio information, primarily when driving, working out, or doing housework. Additionally, the market is growing as more commercial spaces including gyms, cafes, restaurants, & pubs employ audio streaming platforms to broadcast music.
The video market is expected to expand at the quickest CAGR of 15.6% between 2022 and 2030. This is related to consumers' general increase in demand for Over-the-Top (OTT) platforms. As OTT platforms are utilized more frequently for performances on stage and streaming, the business is expected to expand. Additionally, because customers' interest in videos for songs is growing, providers are expanding their offers to include this feature.
Global Music Streaming Market By Services
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Music Streaming Market Regional Insights
The greatest revenue share, that of over 30% in North America, is expected to expand significantly throughout the forecast period. The existence of major market participants like Apple, Inc., Amazon.com, Inc., Google LLC, and Pandora Media, Inc. is a crucial driver pushing the industry in this region. Additionally, the widespread use of smart gadgets, fixed wireless internet, and online payment methods is fostering regional market expansion.
The Middle East and Africa are expected to have the fastest CAGR, at 17.8%, between 2022 and 2030. Several domestic and international companies are growing in this sector. The freemium OTT services from Viu, a Hong Kong-based supplier of streaming video services, were launched in South Africa. These platforms offer original, regional, and local content. In addition, a large expansion of the market in the Asia-Pacific region is anticipated throughout the forecast period. In order to keep the volume-driven economy in the area alive and to draw in and keep consumers, many providers offer video streaming services on a free basis.
Global Music Streaming Market By Region
- Largest
- Fastest
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Music Streaming Market Dynamics
Music Streaming Market Drivers
Growth of Subscription-based Models
- Subscription-based music streaming services, where users pay a monthly or annual fee for unlimited access to music, have gained popularity. The affordability and value proposition of these models, combined with the convenience they offer, have fueled the growth of the music streaming market.
Music Streaming Market Restraints
Copyright and Licensing Challenges
- The music streaming market is subject to complex copyright laws and licensing agreements. Obtaining rights to stream music from various artists and record labels can be costly and complicated. This may result in limitations on available music catalogs and potential legal challenges for music streaming platforms.
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Music Streaming Market Competitive Landscape
The market is dispersed due to the numerous domestic and foreign rivals. The two-step process used by service providers to build their subscriber base. They first launch advertising efforts to entice customers to sign up for their freemium platform. They then approach them with tempting offers and discounts in an effort to persuade them to upgrade to a premium subscription. Participants in the business also prioritize growing their regional footprint. For instance, the corporation expanded the international scope of Apple Music by launching the music listening service in 52 new countries in 2021.
To enable them to grow their company's presence and succeed in a fiercely competitive business environment, prominent industry players are considering mergers and acquisitions and strategic alliances. For instance, in 2021, Spotify AB collaborated with Tinder, Inc., a geosocial networking and online dating service, to enhance the holiday music experience for singles. In addition, businesses unveiled the Music Mode function, Tinder's largest enhancement since the Swipe function. Users can add their favorite songs to the Music Mode section of their dating profiles.
Music Streaming Market Top Player’s Company Profiles
- YouTube Music
- Pandora
- Deezer
- Tencent Music Entertainment
- Google Play Music
- Tidal
- iHeartRadio
- SoundCloud
- JioSaavn
- Gaana
- Napster
- QQ Music
- Anghami
- Melon
- Yandex Music
- KKBox
- Zvooq
Music Streaming Market Recent Developments
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In March 2024, music streaming service Spotify said that it is adding full music videos to its platform. For now, it is available in beta for Premium subscribers in about a dozen countries across mobile, desktop, and TV devices.
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In January 2024, the European parliament plenary adopted the initiative report of MEP Ibán García del Blanco on “Cultural diversity and the conditions for authors in the European music streaming market” with an overwhelming majority. The report acknowledges the significant problems faced by creators and suggests Union-level initiatives to set the ground for a fairer and more sustainable ecosystem in this ever-growing market.
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In December 2023, Sona launched its music streaming platform and marketplace to reward fans for buying ‘digital twins’ of songs. Sona is a new web3 streaming protocol that uses DeFi primitives (decentralized finance basic building blocks) to put the financial power back into artists’ hands with its rewards model, auctions and ad-free streaming.
Music Streaming Key Market Trends
- Growth of Subscription-Based Streaming: Subscription-based music streaming services continue to dominate the market. Consumers are increasingly opting for paid subscriptions to access ad-free music streaming, offline listening, higher audio quality, and exclusive content. This trend is driven by the convenience, affordability, and value proposition offered by subscription models.
- Increasing Demand for Personalization: Personalized music recommendations and curated playlists have become a significant driver of user engagement and satisfaction. Music streaming platforms are leveraging advanced algorithms and artificial intelligence to analyze user preferences, listening habits, and contextual data to provide personalized music recommendations tailored to individual tastes.
- Rise of Podcasts and Audio Content: Podcasts have gained significant popularity within the music streaming market. Streaming platforms are investing in original podcast content, partnerships, and acquisitions to expand their audio content offerings. The integration of podcasts with music streaming services provides users with a diverse range of audio entertainment options.
- Emphasis on Exclusive Content and Artist Collaborations: Music streaming platforms are focusing on securing exclusive content deals and artist collaborations to differentiate their offerings. Exclusive album releases, live performances, and special releases drive user acquisition, engagement, and loyalty by providing unique and exclusive experiences to subscribers.
Music Streaming Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global music streaming market analysis, the implementation of smart devices is projected to grow during the predicted time period, along with the adoption of digital platforms. Websites that enable users to view music videos, hear to audio, & subscribe to podcasts are considered music streaming services. These platforms are growing in popularity as a result of features like automatic playlist customization, song recommendations, and simple connectivity on apps & browsers. The market is also growing as a result of the expanding podcast genres available on these platforms.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 33.78 Billion |
| Market size value in 2031 | USD 116.07 Billion |
| Growth Rate | 14.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Music Streaming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Music Streaming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Music Streaming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Music Streaming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Music Streaming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Music Streaming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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