Music On Demand Market Size to grow by USD 61451.2 million between 2024-2028
According to a research report “ Music On Demand Market” by Type (Music streaming, Radio on demand) 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 61451.2 million, at a CAGR of 17.45% during the forecast period. The mobile advertising landscape has experienced significant growth, fueled by the proliferation of tablets and smartphones, expanding Internet access, and the creation of mobile applications. In 2020, approximately 90% of the global population gained Internet access, and the mobile app download market reached a record 218 billion installations. Service providers have responded to this trend by developing mobile applications, enabling customers to easily access and consume content, including music. Consequently, an overwhelming portion of songs and albums are now available for streaming and download within these applications..
Browse market data tables, figures, and in-depth TOC on “Music On Demand Market” by Type (Music streaming, Radio on demand) 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 Music streaming segment is projected to dominate the market size in 2024
In the Music On Demand Market, two primary categories of music streaming services exist: free and paid. During the forecast period, the revenue share of the paid music streaming segment is projected to expand significantly. This trend is attributed to the growing preference of consumers for premium services, which provide an ad-free listening experience, personalized song recommendations, extensive music catalogs, customizable playlists, and third-party integrations. As a result, the shift from free to paid subscriptions is anticipated to continue, driving revenue growth for this segment.
By End-user, Individual users segment is expected to hold the largest market size for the year 2024
The individual user segment is poised to lead the music on-demand market expansion, fueled by advancements in network infrastructure that reduce Internet costs and expand access to music streaming services on mobile devices. This trend is evidenced by the significant rise in mobile data traffic due to the proliferation of 3G and 4G services. Moreover, the progression of telecommunication standards, including 3G, 4G, and 5G, is anticipated to bolster the individual user segment, enabling users to access high-definition music from anywhere, anytime. Additionally, the emergence of free music streaming services caters to budget-conscious consumers, further driving growth in this segment.
North America is forecasted to hold the largest market size by region in 2024
In the dynamic business landscape of the music industry, Music On Demand (MOD) has emerged as a game-changer. This service model grants consumers unlimited access to a vast library of music content, on-demand. MOD platforms leverage advanced algorithms to curate personalized playlists, enhancing user experience. Subscription revenue streams provide steady income for rights holders and content creators. This business model's flexibility and consumer convenience are driving its rapid growth in the digital music market.
The Music On Demand 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:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Music On Demand market has revolutionized the way we consume music, with platforms like Radio, Music on Demand, and Ad-supported streaming services such as Apple Music and Spotify Premium leading the charge. These streaming subscriptions offer access to vast libraries of FLAC files and MP3s, allowing users to listen to their favorite tracks at their convenience. Connected devices, including smartphones and smart speakers, have made it easier than ever to access these services. AI-based models like MusicLM and browser-based platforms enable users to discover new music through personalized recommendations. The Music On Demand market is segmented into the Audio segment, which includes streaming subscriptions and digital downloads, and the Video segment, which includes OTT platforms with music content. The Live streaming segment and On-demand streaming segment are also significant parts of the market. Key players in the Music On Demand market include Spotify, Tencent Music Entertainment, and others. Machine Learning and Artificial Intelligence are being integrated into these services to enhance user experience and discovery. With the advent of 5G connectivity and the increasing popularity of smart devices, Music streaming services are expected to see significant growth in the coming years.
Market Research Overview
The Music On Demand market is experiencing significant growth with both international players like Spotify, Apple Music, and Tencent Music Entertainment, and domestic players vying for a larger share. The middle class population's increasing disposable income and smartphone adoption, coupled with high internet penetration, have fueled this growth. Consumer interests have shifted towards virtual concert experiences, spatial audio, podcasts, and immersive audio experiences. However, this market is not without challenges. Antitrust issues and regulatory scrutiny are on the rise, raising concerns over data privacy, censorship, and content moderation. Virtual concerts and livestreaming musical performances have become essential revenue streams, but piracy and copyright infringement remain significant challenges. Publishers, labels, artists, and streaming platforms are collaborating to offer exclusive content and personalization algorithms, while regulatory bodies grapple with the complexities of licensing and royalties. The use of AI-driven recommendation algorithms, machine learning, and data analytics are transforming the industry, enabling innovative products and services like MusicLM. The market is segmented into video services, audio segment, and live streaming segment, with OTT platforms and radio networks/stations offering ad-supported streaming services and subscription-based models. The future of music on demand lies in high-speed internet services, 5G connectivity, and smart devices, enabling interactive experiences for consumers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
