The Global Music Streaming Market size Accounted for USD 29,563 Million in 2021 and is predicted to be worth USD 100,734 Million by 2030, with a CAGR of 14.6% during the Forthcoming Period from 2022 to 2030.
The increasing popularity of digital streaming platforms is attributed to the music streaming market growth. Music streaming is becoming increasingly popular around the world as technology advances and online platforms reshape the musical environment. The development of cloud-based music in the music streaming industry is propelling the adoption of multiple media channels. Additionally, as internet and smartphone usage increases, the music streaming market is growing faster.
Music streaming is a path of instantly sending audio content to the smart devices without the need for users to download files from the server. Music streaming technologies such as Pandora, Spotify, and Amazon Music employ this technology to distribute songs that may be listened to on a variety of platforms. Music streaming is platforms that enable registered users to stream music and podcasting as well as see video content. These systems are attaining popularity as a result of services including audio track recommendations, smart playlist customization, and seamless connectivity between applications as well as browsers. To improve the consumer experience, music streaming solutions are focused on offering song lyrics, podcasts, and live performances on their platforms.
Global Music Streaming Market DRO’s
|Market||Music Streaming Market|
|Market Size 2021||USD 29,563 Million|
|Market Forecast 2030||USD 100,734 Million|
|CAGR During 2022 - 2030||14.6%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Service, By Content Type, By Platform, By End-use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, SoundCloud Limited, Deezer, and Tencent Music Entertainment Group.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Music Streaming Market Dynamics
Music streaming has risen dramatically in recent years, mainly to an increase in the adoption of smart devices such as mobile phones and the prevalence of streaming solutions such as Apple Music, Spotify, and Deezer. Moreover, the continued expansion in the number of internet users is positively benefiting the music streaming market trend. Additionally, music streaming platforms provide users with access to audio songs, online music videos, podcasts, and live performances by performers. Music streaming also provides features such as personalized playlists, song recommendations, and rapid access to tracks on both the applications and browser platforms. As a result, the current rise in podcasting and audiobook acceptance has sparked consumers' curiosity and is expected to propel the global music streaming market size during the projection period.
The COVID-19 epidemic is also functioning as a major driving force in the global music streaming industry. This is due to the government imposing a strict shutdown to prevent the diseases from spreading. As a result, people were compelled to stay at home, which encouraged the acceptance and adoption of internet music services around the world. Certain behavioral variations occurred among consumers during the early period of the epidemic. During the shutdown, music streaming was done mostly through household appliances such as televisions rather than cellphones, according to Tencent Music Entertainment. In addition, the subscriber base who participates in live feeds on social media sites such as Instagram and Facebook has grown.
Music Streaming Market Segmentation
The global music streaming market segmentation is based on the service, content type, platform, end-use, and geographical region.
Market by Service
Based on the service, the on-demand streaming sector will control the majority of market shares in 2021. Such growth can be attributed to the ease of availability of music streaming dependent on the customer's emotions and preferences. On-demand music streaming solutions have drastically reduced illegitimate music broadcasting or downloading for all interested parties, from broadcasters to musicians. In addition, services contribute to user convenience by providing exploratory features and recommendations as per on their interests. Besides that, live internet-based streaming has also become more prevalent as the availability and services of well-known music streaming have increased.
Market by Content Type
According to the music streaming market forecast, the audio segment is predicted to grow significantly in the market over the next few years. This is due to the fact that audio content is prominent when customers listen to the music while conducting their everyday activities such as jogging, traveling, or working. Furthermore, consumers' hectic and stressful lifestyles make audio content more accessible than video content. Also, the expanding influence of over-the-top (OTT) platforms, as well as short video smartphone applications, is moving the video segment forward.
Market by Platform
In terms of platform, the apps segment leads the global market in 2021. This is due to the fact that the applications are the most convenient, simple, and accessible platform for listening to music streaming. Music applications govern the music streaming market, delivering hundreds of songs for purchase as well as a considerable number of songs for free listening. Furthermore, the global consumption of music streaming applications is driven by the increasing demand for streaming media, which is fueled by elements such as growing bandwidth and excessive mobile phone use.
Market by End-use
According to music streaming industry analysis, the individual segment will drive the market in 2021. The emerging ways of life of younger generations, which involve listening to energetic audio tracks while going about their day-to-day activities, are driving the segment growth. Many technological providers allow their employees to work quietly while listening to music through headphones. Additionally, as wireless technologies become more widely available and smart gadgets grow to be more prevalent, the demand for online music is fast surpassing downloads.
Music Streaming Market Regional Outlook
The Middle East & Africa (MEA)
High Adoption of Digital Streaming Solutions in North America, Propels Regional Market Growth
The North American music streaming industry is forecast to lead the global music streaming market due to the region's substantial acceptance of sophisticated music, the availability of resources for offering improved music streaming technologies to end-users, and end-users increasing disposable income. Over the last four years, the region has seen the arrival of current data technologies such as continuous 4G as well as high-speed internet providers. These elements are driving the North American music streaming market forward. Furthermore, the presence of significant industry giants such as Amazon, Pandora, Apple, and Google is one of the primary causes fueling that region's industry.
Music Streaming Market Players
Some of the prominent global music streaming market companies is Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, SoundCloud Limited, Deezer, and Tencent Music Entertainment Group.
The global music streaming market size in 2021 was accounted to be USD 29,563 Million.
The projected CAGR of music streaming during the analysis period of 2022 to 2030 is 14.6%.
The prominent players of the global music streaming market involve Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, SoundCloud Limited, Deezer, and Tencent Music Entertainment Group.
North America held the dominating share for music streaming during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for music streaming during the analysis period of 2022 to 2030.
Increasing popularity of smart gadgets such as smartphones as well as internet penetration around the world are the prominent factors that fuel the growth of global music streaming market.
Based on platform, apps segment hold the maximum share for music streaming market in 2021.