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Global Music Streaming Market Key Insights
During the forecast period of 2023-2033, the global music streaming market is expected to reach an estimated value of ~USD 25 billion by 2033, by expanding at a CAGR of ~15%. The market further generated a revenue of ~USD 20 billion in the year 2022. Major key factors propelling the growth of music streaming market worldwide are theincreasing use of smart devices and digital music platforms.
Market Definition of Music Streaming
By streaming music, users are able to view music videos, listen to podcasts, and listen to audio. Platforms like these offer a variety of features, such as easy access to applications, playlist recommendations, browsers, and in-app playlist customization. Globally, the adoption of music streaming platforms on smartphones is being driven by a rise in digital music adoption and the availability of streaming resources that allow consumers to enjoy advanced streaming experiences. Depending on the service, some focus on radio and others on on-demand streaming; some offer free, ad-supported listening.
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Global Music Streaming Market: Growth Drivers
The growth of the global music streaming market can majorly be attributed to the higher engagement of people in the music industry, a growing preference for streaming music, increasing penetration of smart phones, and rapid digitization. Modern music communities are focusing on personalized music experiences, based on user preferences. Based on calculations conducted in 2022, nearly 80% of the world’s population is estimated to use music streaming services to listen to music. Moreover, the adoption of digital technologies by several key players to enhance user experience is expected to fuel market growth over the forecast period. For instance,the collaboration between Spotify and Samsung enabled users to seamlessly connect their smart devices. With Spotify Tap, one can connect to and stream music instantly with Galaxy Watch5, Galaxy Watch5 Pro, and Galaxy Buds2.
The global music streaming market is also estimated to grow majorly on account of the following:
Global Music Streaming Market: Restraining Factor
Intensive competition and a wide range of preferences among users.The market in emerging economies such as India is very challenging and diverse. People have different music tastes and preferences depending on their language, which leads to strong competition among mobile app developers.Hence this factor is expected to be the major hindrance for the growth of the global music streaming market during the forecast period.
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Global Music Streaming Market Segmentation
The on-demand segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing popularity of on-demand music among the population. According to recent data published in 2022, there were nearly 82 million paid subscribers to on-demand music streaming services in the United States. There has been a substantial reduction in the illegal streaming of music and downloading, from producers to distributors, as a result of on-demand streaming services. In addition, their discovery features and suggestions help improve customer convenience.
The North American music streaming market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions driven by the presence of major players and the increase in the number of people using music streaming services in the region. By 2027, 155 million Americans are estimated to be using music streaming services in the United States. As of 2022, the region has a 35% user penetration rate, which is forecast to reach 45% by 2027. As well as that, the increased popularity of listening to music among the population, the widespread use of wireless technology for accessing the internet, higher adoption of portable digital devices, and electronic payment systems are anticipated to provide opportunities for market growth.
The market research report on global music streaming also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Music Streaming Market
Some of the key players of the global music streaming market are Spotify, Aspiro AB, SoundCloud, Inc. and Repost Network Inc., Google LLC, Tencent Music Entertainment Group, Apple Inc., Pandora Media, LLC, Deezer, Amazon.com, Inc., TuneIn, Inc., and others.
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