Authored By: Sarah
10 Nov 2023

Music Streaming Market to witness growth by USD 31.10 Bn through 2023-2027  

The rise of Internet-enabled smartphone penetration has significantly contributed to the market development of the Music Streaming platform all over the world. Increasing preference for music streaming services also followed by an increase in mobile ads is fueling the revenue growth for music streaming apps. The Music Streaming Market is expected to witness staggering market growth of USD 31.10 billion with an estimated growth rate at a CAGR of 15.67% between 2022 and 2027.

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Snapshot of the Music Streaming Market 


Navigating through the eccentric business drivers of the Music Streaming Market it has been observed that

  • Growing consumer preference for music streaming services is the primary growth driver of the market.

As per data, the number of consumers choosing paid subscription services to stream music grew 30.5% globally in Q2 2022.

  • Technological advancements in wired and wireless technologies and telecommunications standards such as 3G, 4G, and 5G are improving internet bandwidth and supporting the adoption of music streaming services worldwide.
  • The introduction of differentiated music streaming services is a trending service and this is also influencing the market of music streaming as providers such as YouTube Music, Pandora, Spotify, Deezer, and Tidal provide multiple features, including easy cross-platform access, automatic playlist customization, and high-quality sound.

Some of the leading market streaming platforms are  Alphabet Inc.,Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd.,iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd, etc that comes with a wide array of offerings.

Alphabet Inc. offers a music streaming app based on a monthly subscription plan. It also provides different products and services such as Google Ads, Google Maps, Google Play, YouTube, and hardware. Our report includes qualitative and quantitative analyses of core companies with a wider understanding of the business ecosystem. 

The market's growth trajectory is charted in Technavio's study by means of competitive benchmarking and a thorough examination of the dominant market forces, trends, and drivers. Obtain a detailed copy of the report synopsis on Music Streaming Market .

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of over 15.67%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by USD 31101.37 mn through 2023-2027.

     
  3. What is a key factor driving this market?
    Increasing preference for music streaming services will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, South America, and the Middle East and, Africa are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    44% growth will originate from North America.
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