Music Streaming Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

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 Drivers

• Increasing popularity of smart gadgets such as smartphones
• Rising internet penetration around the world
• Growing popularity of cloud-based platforms like Spotify
• Regional content is now available on digital platforms

Market Restraints

• Complex federal regulatory frameworks and licensing regimes
• Threat from pirated streams

Market Opportunities

• The emergence of 5G technology
• Availability of Multi-device Compatibility Solutions

Report Coverage

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

• On-demand Streaming
• Live Streaming

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

• Audio
• Video

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

• Apps
• Browsers

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

• Individual
• Commercial

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

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa