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

Q: What is the global market size of Music Streaming Market?

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).

Report ID: SQMIG50H2004 | Region: Global | Published Date: March, 2024
Pages: 177 | Tables: 113 | Figures: 77

Music Streaming Market News

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.
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.
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 Market Report Snapshots

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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 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. 'Spotify', 'Apple Music', 'Amazon Music', 'YouTube Music', 'Pandora', 'Deezer', 'Tencent Music Entertainment', 'Google Play Music', 'Tidal', 'iHeartRadio', 'SoundCloud', 'JioSaavn', 'Gaana', 'Napster', 'QQ Music', 'Anghami', 'Melon', 'Yandex Music', 'KKBox', 'Zvooq'

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.

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.

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.

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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

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