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

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