Music Streaming Market Share, Size, Trends, Industry Analysis Report, By Service (On-demand Streaming, Live Streaming), By Platform (Apps, Browsers), By End-use (Commercial, Individual), By Content Type, By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3773
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global music streaming market was valued at USD 35.83 billion in 2023 and is expected to grow at a CAGR of 13.0% during the forecast period.
The market is poised for significant growth in the forecast period, driven by the increasing adoption of digital platforms and the widespread use of smart devices. Music streaming services, offering a range of attractive features such as personalized song recommendations, playlist customization, & seamless accessibility across multiple applications & web browsers, have witnessed a substantial rise in popularity among users. These services, encompassing music videos, podcasts, & audio files, contribute to the overall expansion of the market.
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The increasing adoption of 5G connectivity is a prominent trend in the global market, prompting key players to introduce new music services that cater to music enthusiasts with music streams and downloads. As 5G technology becomes more widespread, its substantial speed and data transmission capabilities over 4G enable companies to offer high-quality music streams to users. These technological advancements and enhanced connectivity are driving the market's growth. Furthermore, the integration of technologies like Artificial Intelligence (AI) and Machine Learning (ML) contributes to an improved music streaming experience by enhancing search recommendations for users.
- In January 2022, Gamma Gaana, an Indian music application, introduced a new feature that utilizes AI to enhance music suggestions and improve user experience, exemplifying the strategies employed by companies to drive market growth in the forecast period.
The COVID-19 pandemic has presented profitable growth prospects for the market as it led to a rise in subscribers on music streaming platforms like Tencent Music Entertainment, Spotify, Amazon Music, and others. Furthermore, with people staying at home due to lockdowns and social distancing measures, there has been an increased demand for music, contributing to the surge in the market.
Industry Dynamics
Growth Drivers
Enhanced user engagement is responsible for driving the growth of the market
The market has experienced growth as more individuals turned to streaming platforms to explore & enjoy music, resulting in enhanced user engagement & longer listening sessions. Music streaming companies are actively enhancing customer experience by providing additional features such as music video streaming, lyrics, & podcasts on their platforms. For instance, in November 2022, Amazon.com’s subsidiary, Amazon Music, expanded prime members-hip benefit to include a full catalog of music with over 100 Mn songs & ad-free access to top podcasts. These strategic developments by industry players are anticipated to further boost market demand in the forecast period.
Report Segmentation
The market is primarily segmented based on service, platform, content type, end use, and region.
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By Service |
By Platform |
By Content Type |
By Region |
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By Service Analysis
On demand streaming segment accounted for the largest share in 2022
On demand streaming accounted for major global share. The introduction of on-demand streaming services has been instrumental in curbing unauthorized music streaming and downloading, benefiting various stakeholders, including distributors and musicians. Additionally, these services offer enhanced customer convenience through discovery features and personalized recommendations based on individual preferences, contributing to the growth of this segment.
Live streaming segment is likely to register highest growth rate. The surge in popularity of live videos has motivated artists to engage in live streaming on various social media platforms like Instagram, YouTube Live, Twitter, and Facebook Periscope. This growing trend of live streaming in the music industry has become a powerful promotional tool for artists, allowing them to showcase their talents, cultivate a dedicated fan base, and reach new audiences effectively, thereby driving the growth of this segment.
By Content Type Analysis
Audio segment expected to hold substantial market share in 2022
Audio segment is projected to hold significant market share. This growth can be attributed to the convenience it offers, catering to the multitasking habits of listeners. The audio segment allows users to engage in various activities, such as exercising, commuting, or doing household chores, while seamlessly enjoying audio content, providing a convenient and enjoyable entertainment experience.
Video segment witnessed steady growth. This growth can be attributed to the increasing demand for Over-the-Top (OTT) platforms on a global scale. Consumers' preference for OTT platforms, offering convenient and on-demand access to a diverse range of video content, is a key driver for the video segment's expansion. Additionally, the use of OTT platforms for live performances and video streaming is expected to further boost the growth of this segment.
By Platform Analysis
Browser segment is anticipated to witness highest growth in 2022
Application segment held the largest share. Due to the strong preference for easy accessibility through dedicated apps over web browsers. These apps offer a wide range of features that enhance the overall user experience while streaming music. Notable features include customized playlists, audio streaming, offline play-back, sharing options, & seamless integration with the other applications & devices. These user-friendly and feature-rich aspects are projected to drive the growth of the application segment throughout the study period.
Browser segment witnessed the highest growth rate over the study period. This growth can be attributed to the widespread accessibility of internet connectivity and the growing reliance on web browsers for various activities, including music streaming through web-based platforms. Moreover, the browser's ability to utilize cloud-based infrastructure enables it to provide users with an extensive music library, personalized recommendations, and smooth synchronization of playlists and preferences across multiple devices. These features are expected to drive the demand for the browser segment.
Regional Insights
North America region dominated the global market in 2022
North America region dominated the global market. This growth can be attributed to several key factors, including the strong presence of major market players such as Pandora Media, Amazon.com, Google & Apple. Additionally, the widespread availability of fixed wireless internet, smart devices, and advanced online payment technologies in the region is contributing significantly to the market's expansion. These factors collectively bolster the growth of the region.
Middle East is likely to emerge as fastest growing region. Region has seen a notable increase in smartphone adoption among its population. Smartphones have become an essential part of daily life for many individuals, providing them with a convenient and portable means of accessing various digital services, including music streaming platforms. With the availability of music streaming applications on smartphones, users can easily listen to their favorite songs and playlists anytime and anywhere, without the need for additional devices.
As internet connectivity becomes more accessible and affordable, an increasing number of people in the Middle East & Africa are gaining access to the online world. This rise in internet usage has provided individuals with the opportunity to explore and utilize various online services, including music streaming platforms.
Key Market Players & Competitive Insights
The music streaming market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share. Some of the major players operating in the global market.
- Apple
- Amazon.com
- Deezer
- iHeartMedia.
- Pandora Media
- Tencent Music Entertainment
- Tidal
- SoundCloud Global
- Spotify
Recent Developments
- In May 2023, Google introduced MusicLM, an innovative AI-based model designed to create high-quality music by interpreting text inputs. This technology has the capability to transform written descriptions into a coherent musical composition, incorporating existing melodies communicated through various means such as whistling, humming, singing, or instrumental playing.
Music Streaming Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 38.76 billion |
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Revenue forecast in 2032 |
USD 108.04 billion |
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CAGR |
13.0% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Seasoning, End Use, By Distribution Channel By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Spotify, Apple, Amazon.com, Google, Deezer, Pandora Media, Tencent Music Entertainment, Tidal, SoundCloud Global, & iHeartMedia. |
FAQ's
Apple,Amazon.com,Deezer,Google key companies in Music Streaming Market.
The global music streaming market is expected to grow at a CAGR of 13.0% during the forecast period.
service, platform, content type, end use, and region key segments covered.
The market has experienced growth as more individuals turned to streaming platforms riving factors in Music Streaming Market.
The global music streaming market size is expected to reach USD 108.04 billion by 2032.
