Market Definition
The practice of accessing & listening to music over the internet is referred to as music streaming. It entails delivering real-time music content from web platforms directly to the user's device, such as a computer, smartphone, or tablet. Individuals can explore specific songs, albums, or playlists on streaming platforms, which have large archives of music from multiple genres & artists. Generally, music is stored on servers & accessed via streaming services, which require an internet connection to playback.
Market Insights & Analysis: Global Music Streaming Market (2023-28):
The Global Music Streaming Market size is valued at around USD 22.7 billion in 2022 & is estimated to grow at a CAGR of about 12.32% during the forecast period, i.e., 2023-28. The market is expected to upscale due to some factors like the widespread adoption of smartphones & internet, rising prevalence for music streaming services, and the upgrade in the revenue generated from mobile advertisement. The proliferation of top-of-the-line smartphones & internet connections has contributed to a tendency for online streaming services, presenting customers with additional mobile options for streaming music material. With the popularity of music streaming services, including sources or websites that let the individuals to listen & watch music videos and podcast with both audio as well as visuals, the market has been flourishing since the past period. Along with this, due to the attractive features such as personalized song recommendations, seamless accessibility across numerous browsers & applications, and the automatic customization of the playlist is also aiding in enhancing the Music Streaming Market share.
The booming rate of music seaming services, growing awareness of these platform across the globe & the less availability of pirated music owing to the inclination of the consumers towards high technological gadgets & internet connection are assisting in the progression of the Global Music Streaming Market. The high technological advancements & appetite for delivering music in digital format stimulate the use of multi-device compatible devices. As online streaming has become an effective entertainment option for users, vendors are emphasizing upon offering multi-device compatibility devices such as smart speakers, smartphones, smartwatches, HD TVs, and various voice assistant devices, like Amazon Alexa, Microsoft Cortana, Apple Siri, Samsung Bixby, etc., to provide a better listening experience. Furthermore, most companies are currently releasing compatible devices, creating a substantial opportunity for upscaling the market revenue. Additionally, as these platforms generally suggest elements like personalized recommendations, curated playlists, social sharing, offline listening, and integration with other devices & services, thus have revolutionized the way people consume music.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 12.32% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Amazon Inc., Apple Inc., Deezer, Google LLC, iHeartMedia, Inc., Pandora Media, Inc., SoundCloud Limited, Spotify AB, Tencent Music Entertainment Group, Tidal (Aspiro AB), Guvera, Microsoft, Slacker, Times Internet, Yandex, and Others |
| Market Value (2022) | USD 22.7 billion |
Moreover, with the emergence of 5G connectivity, many of the participants in the market have started to offer new music services that provides music streaming & music downloads features to the music enthusiast & many of the individuals worldwide. As 5G technology becomes more prevalent, as a result of the increased speed & data transfer possibilities of that 4G, companies may start to provide high-quality audio streams. Hence, these technological & connectivity breakthroughs would aid in propelling the industry forward. Also, the usage of technologies such as Artificial Intelligence (AI) & Machine Learning (ML) improves the music streaming experience by boosting search recommendations, further supporting in creating a positive outlook for the Global Music Streaming Market in the forthcoming years. For instance:
Consequently, with the constant advancement & upgradation as well as the strategies followed by the companies to improvise the music streaming industry would also fuel the market growth. Besides, with the rise in the subscriber on various music streaming platforms or applications, including Spotify, Amazon Music, Wynk Music, Apple Music, etc., due to the soaring number of music enthusiast who prefers to listen to a particular genre of music, favorite artists & have a collection of their liked songs, is also contributing in upscaling the demand graph of the market across the globe in the future years.
Global Music Streaming Market Driver:
Rising Popularity for Music Streaming Services to Push the Market Growth – With the emerging preference for music among the global population the demand for music streaming services is witnessing an upward trend. Since the past years, the percentage of individuals consuming or adopting paid subscription services to stream music & numerous audio content has grown tremendously, further expanding the Global Music Streaming Market. Also, with the introduction of wireless technologies deployed with 4G or 5G internet connections is improving the growth rate of the market. Moreover, the increase in the young population, who are the frequent consumer of music streaming services, and majorly prefer those sites that also offer free music options along with paid subscriptions as their channel has free access is further driving the market progression.
Global Music Streaming Market Challenge:
Lack of Ownership & the Availability of the Music Only When Connected to Internet is Impeding the Growth – The growth of the Global Music Streaming Market during the forecast period is expected to be hindered by the absence of music ownership & the limitation on offline music access. Subscription-based licensing models dominate the market, granting consumers extensive song libraries. However, the inability to possess the music they stream & the restriction on downloading music discourages potential subscribers. Furthermore, the dependency on internet connectivity for streaming music may also contribute to deterring customers from adopting music streaming services, thus impeding market development.
Global Music Streaming Market Trend:
Introduction of Differentiated Music Streaming Services to be Trending in the Market– In the present times, the Global Music Streaming market is witnessing a rise in the availability of diverse music streaming services from providers like YouTube Music, Pandora, Spotify, Deezer, and Tidal. These services are introducing various features that cater to the evolving demands of users. Easy access across different platforms, personalized playlist curation through automated systems, and an emphasis on high-quality audio are a few trending features of music streaming services. For instance, YouTube Music, owned by Alphabet, leverages users' Google account details & employs artificial intelligence technology to recommend songs & tailor music recommendations based on user's location. On the other hand, Spotify has placed a strong emphasis on social features, enabling streaming across a wide range of operating systems worldwide, including Android, iOS, Windows, and Adobe. Hence, the growing adoption of these distinct music streaming services is a significant trend propelling market growth in the foreseeable future.
Global Music Streaming Market (2023-28): Segmentation Analysis
The Global Music Streaming Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:
Based on Services:
On-demand music streaming service captured the potential market share during the historical period & is anticipated to follow the same trend in the upcoming years as well. With the emergence & prevalence of on-demand services that limit the streaming of unauthorized music & downloading, the musicians & the stakeholders are gaining benefits, further supporting the Global Music Streaming Market expansion. Providing numerous discovery functionalities & personalized recommendations in accordance with the preference of the user or consumer is also aiding in upgrading the market share of this segment in the forecast years.
Based on Content Type:
Audio content type is envisioned to capture the largest chunk of the revenue share of the Global Music Streaming Market in the forecast years, due to the multitasking convenience that it offers to the listeners. Audio content type enables the listeners to perform various tasks, such as reading, commuting, performing household works, exercising, studying, writing, and many more without breaking their concentration, further offering complete engagement & entertainment. Furthermore, nowadays many of the music streaming applications are offering wide ranges of audio genres, like podcasts, live audio, soundtracks & scores, live commentary, etc., thus making this content type one of the most convenient & adaptable segment.
Global Music Streaming Market (2023-28): Regional Projections
Geographically, the Global Music Streaming Market expands across:
North America is presumed to account for the lion’s share of the Global Music Streaming Market in the coming years, owing to the tremendous rise in the adoption of digital music among the population of the regional countries, especially the US. The US was the early & foremost adopter of music streaming services & since then contributed to upgrading the growth scale of the market. Also, the easy availability of the resources to provide advanced music streaming experiences to the users, the lifestyle of the individuals as well as the high disposable income are contributing to escalating the growth of music streaming applications across the region. Moreover, owing to the presence of leading market players like Google LLC, Amazon Music, Spotify, Apple, etc., as well as the availability of fixed wireless internet, the high influence of smart gadgets, and the existence of music enthusiasts are also pushing the expansion of the market.
Global Music Streaming Industry Recent Development:
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Frequently Asked Questions
A. The Music Streaming Market is poised to record a CAGR of around 12.32% during the forecast period.
A. Rising popularity for music streaming services to push the Music Streaming Market expansion during 2023-28.
A. Amazon Inc., Apple Inc., Deezer, Google LLC, iHeartMedia, Inc., Pandora Media, Inc., SoundCloud Limited, Spotify AB, Tencent Music Entertainment Group, Tidal (Aspiro AB), Guvera, Microsoft, Slacker, Times Internet, Yandex, and Others are the top players in the Music Streaming Market.
A. Audio content type is presumed to be the most prominent segment in the Music Streaming Market.
A. North America would present growth prospects in the Music Streaming Market during 2023-28.
A. Introduction of differentiated music streaming services to be trending in the Music Streaming Market.
A. Lack of ownership & the availability of the music only when connected to internet is impeding the growth of the Music Streaming Market.
A. Individual & commercial are the potential end-user in the Music Streaming Market.
Global Music Streaming Market Research Report (2023-2028) - Table of Contents
