Music Streaming Market Size to grow by USD 49625 million between 2024-2028
According to a research report “ Music Streaming Market” by Type (Free, Paid) End-user (Individual users, Commercial users) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 49625 million, at a CAGR of over 19.99% during the forecast period. The global music streaming service market is experiencing significant growth due to the increasing trend towards subscription-based music services. In Q2 of 2022, there was a 30.5% increase in the number of consumers opting for paid music streaming services worldwide. Approximately 1 million new subscribers join monthly. The advancement of wired and wireless technologies, including 3G, 4G, and 5G, has led to improved Internet bandwidth, enabling the widespread adoption of music streaming services. These services not only offer convenient access to vast music libraries but also prevent unauthorized downloading and sharing. The demographic most engaged with music streaming services is the 18-40 age group.
Browse market data tables, figures, and in-depth TOC on “Music Streaming Market” by Type (Free, Paid) End-user (Individual users, Commercial users) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Free segment is projected to dominate the market size in 2024
The individual user segment in the music streaming market is projected to experience consistent expansion throughout the forecast period. This growth can be attributed to the convenient accessibility of the necessary infrastructure for online music streaming. Music streaming businesses predominantly generate substantial revenues from established markets, such as North America and Western Europe. Emerging economies, including India and China, are also transitioning towards digital music streaming services. For instance, India witnessed a 40% increase in music streaming subscriptions in 2020. This significant growth can be linked to the rising consumer preference for sophisticated electronic devices, such as laptops, smartphones, tablets, and smart speakers, in India, coupled with the COVID-19 pandemic-induced lockdown, which has led to an increase in home-bound consumers.
By End-user, Individual users segment is expected to hold the largest market size for the year 2024
The free music streaming market is projected to exhibit modest expansion throughout the forecast period. Free music streaming is a business model that allows users to access audio content at no cost, with vendors generating revenue through advertisements displayed during playback or in-app purchases. Notable industry leaders, such as Spotify and Alphabet, dominate the global free streaming sector. Free subscriptions come with certain limitations, including restricted music access and frequent advertisement interruptions. For instance, a Spotify free user can listen to only 750 non-on-demand songs and is subjected to advertisements after every two tracks.
North America is forecasted to hold the largest market size by region in 2024
The music streaming market is experiencing significant growth, with an increasing number of consumers opting for on-demand music services. Subscription revenues are surging, driven by the convenience and flexibility these platforms offer. Major players, such as Spotify, Apple Music, and Amazon Prime Music, are investing heavily in content acquisition and user experience to gain market share. The market is expected to continue its robust expansion, driven by technological advancements and evolving consumer preferences.
The Music Streaming Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The music streaming market has seen a significant surge in growth, with consumers increasingly turning to on-demand services for their musical needs. The market is driven by various factors, including the rise of live streaming, cloud-based infrastructure, and the integration of music streaming into various industries such as gyms, salons, cafeterias, and restaurants. OTT platforms like Facebook Periscope and YouTube Live have also joined the fray, offering live music videos to their users. The individual segment is a major contributor to the market's growth, with over 300 million users subscribing to music streaming services worldwide. The music industry has embraced this trend, recognizing the potential of these platforms to reach a wider audience and monetize their content. Cloud-based infrastructure, 4G and 5G technology, and high-quality music streams have made it possible for consumers to access their favorite tunes anytime, anywhere. AI and ML features are also being integrated into music streaming services, allowing for personalized recommendations based on user preferences. However, the market also faces challenges, including unauthorized music streaming and the need for robust connectivity to support live videos and high-quality music streams. The future of music streaming is bright, with the integration of podcasts, music videos, and audio files on websites and smart devices. The market is expected to continue growing, offering consumers an ever-expanding array of music and entertainment options.
Market Research Overview
The music streaming market is experiencing rapid growth, driven by advancements in technologies and changing consumer preferences. User experience is a key focus area, with reductions in buffering times and latency a priority. Data transfer rates and network connection are crucial for delivering high-quality music streams, particularly with the increasing adoption of smart devices, virtual assistants, alarms on smart speakers, and voice command functionality. Subscription bundling and remix culture are also shaping the market, with user-generated content and virtual concerts becoming popular. AI-driven personalization, lossless streaming, and high-fidelity streaming are other trends, along with social sharing, localization, and global expansion. Commercial use, individual use, and revenue channels are also important considerations. The market includes web-based platforms and application-based platforms, with video content, audio content, and podcasts all part of the mix. The music industry is embracing these changes, with OTT platforms like Facebook Periscope and YouTube Live, and social media websites offering live videos. However, unauthorized music streaming remains a challenge, with Prime membership benefits and AI features like Machine Learning (ML) and Artificial Intelligence (AI) helping to combat this. Connectivity, particularly with the rollout of 5G technology, will continue to be a major factor in the growth of the music streaming market. Additionally, the market is expanding into new sectors such as Gyms, Salons, Cafeterias, and Restaurants in the Commercial segment, and individual use in the Individual segment. The Audio segment is growing alongside the Video segment, with live streaming, Cloud-based infrastructure, and collaborative playlists becoming increasingly popular. Overall, the music streaming market is a dynamic and exciting space, with endless possibilities for innovation and growth.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
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