Music Streaming Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Service (On-Demand Streaming, Live Streaming), By Content (Audio, Video), By Platform (Application based, Web based), By Application (Individual, Commercial), By Region, By Company

The global music streaming market is anticipated to grow with an impressive CAGR during the forecast period due to increasing the demand of smart devices, increasing smart phone penetration. Throughout the projected period, it is anticipated that the use of intelligent devices will increase along with the increased penetration of digital platforms. Music streaming services include websites that let users watch music videos, listen to audio, and subscribe to podcasts. Due to functions like automatic playlist customization, song recommendations, and hassle-free connectivity on apps and browsers, these platforms are becoming more and more popular. Additionally, these portals' expanding podcast genres fuel the market's expansion. Around 69% of the world's population, or 4.9 billion people, are active on the internet as of 2022. Therefore, rising the internet and smartphone penetration fuels the market for music streaming globally during the forecast period.

Music streaming services let users watch music videos, listen to podcasts, and stream audio. These systems offer a variety of capabilities, including effortless application accessibility, song suggestions, browsers, and automatic playlist creation. Users of these services can download songs for offline listening. Users of a few recently introduced services can now upload their music playlists to the cloud, often known as the "music locker."

Many service providers now provide their premium subscriptions for free for a certain period. The sales of the music and streaming services are anticipated to be boosted by other promotional offers such as price reductions on subscription models and free month-to-month trials, particularly in emerging nations. Hence, various promotional tactics adopts by the companies to offer better consumer experience will further drives the music streaming market growth.

Additionally, cloud-based music is observing a significant growth in popularity amongst the consumers. Businesses are focusing on developing user-friendly apps that make streaming music on tablets and smartphones simple and easy. Companies are expanding their services and offering benefits like storage savings and easy streaming from several devices by integrating the cloud into music streaming platforms. The adoption of smart devices and a technologically advanced products are the factors of boosting the global music streaming market during the forecast period.

Moreover, companies are adopting various marketing strategies such as mergers, acquisitions, etc. in order to gain a competitive edge in the market. For instance, in 2022, SoundCloud, an online audio sharing and streaming service acquired the Musiio, an AI music curation startup Musiio, with the aim to improve its AI capabilities and identify upcoming musical trends and talent by using its data. Musiio developed an Artificial intelligence (AI) that can make playlists, tag audio files, and "listen" to music faster than any human being. The company ultimately makes money when consumers spend more time on SoundCloud since the algorithm can forecast which songs they'd like to hear next. Additionally, in 2021, Spotify AB collaborated with Netflix, Inc., an American subscription streaming service and production company in order to provide Spotify customers exclusive soundtracks, playlists, and content on the music streaming platform. Therefore, these factors are anticipated to drive the global music streaming market during the forecast period. 

Additionally, new licensing prospects are starting to emerge for owners of musical IP. To potentially generate new revenue streams, platforms like e-fitness, short films, and others are concentrating on gaining IP rights from music publishers and creators. For instance, the TikTok platform, which has around 80 million U.S. monthly active users and 1 billion monthly active users worldwide, singed a license agreement with the National Music Publishers Association (NMPA) in 2020. These days, there is a lot of regulation in the music industry, with a great emphasis on the publication rights of the music. Additionally, a number of regulatory amendments have been made to acknowledge music creators' rights in the digital era.

Increasing the trend of 5G Connection Fuels the Market Growth

One of the most popular trends in the global market is the expanding use of 5G connections. Amazon has taken advantage of this chance by launching a new music HD service that will give music lovers in the United States, United Kingdom, Germany, and Japan access to lossless music streams and downloads. As 5G becomes more commonly used, businesses can provide high-fidelity music streams because of its ability to transport data multiple times quicker than 4G. Virtual Reality (VR), Augmented Reality (AR), and hologram concerts are anticipated to become quite popular for live-streaming music videos. These new developments are projected to accelerate the music streaming industry growth during the forecast period.

Innovative Offering Propels the Market Growth

To enhance the user experience, music streaming providers are concentrating on adding podcasts, song lyrics, and music videos to their platforms. For instance, Spotify AB and Netflix, Inc., an American subscription streaming service and production company, partnered in 2021 to provide Spotify customers access to exclusive soundtracks, playlists, and material on the music streaming platform. SoundCloud Limited also purchased Report Network for around USD15 million, which operates as a SoundCloud-focused music distributor to give innovative creators access to Repost Network's invite-only tools and services, which include content security, analytics dashboards, streaming distribution, and more. Therefore, the attractive offerings given by the various companies to their customers is driving the music streaming industry growth.

Rising the Popularity of Music Streaming Fuels the Market Growth

The popularity of music streaming services and people's rising disposable income are two factors that have contributed to the market's expansion during the forecast period. Some of the most well-known digital music streaming services are Apple Music, Pandora, iHeartRadio, SoundCloud, Spotify, YouTube Music, and Pandora. Revenue from music streaming applications reached USD25.1 billion in 2021, up 32% from the previous year. Many music streaming services readily offer free trials and paid subscriptions. They also provide premium accounts for a price to give customers access to additional features like offline listening and no advertisements. The accessibility of such digital possibilities and the drop in physical CD sales have accelerated the uptake of music streaming services.

Multi-device Compatible Format Fuels the Market Growth

The high technical demand for music delivery in digital format drives the use of multi-device-compatible devices. To give users a better listening experience, vendors are focusing on offering multi-device compatibility devices like smart speakers, smartphones, smart watches, HD TVs, and various voice assistant devices - Amazon Alexa, Microsoft Cortana, Apple Siri, and Samsung Bixby. This is because online streaming has become a viable entertainment option for users. It is predicted that most vendors are releasing compatible devices, which will generate a sizable opportunity for the music streaming market. More subscribers and listeners are anticipated as multi-device consistent solutions become more widely available since they allow users to enjoy their favorite music on their chosen device. The music streaming market may benefit greatly from this by way of many more opportunities.

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Market Segmentation

The global music streaming market segmentation is based on service, content, platform, and application. Based on the service, the market is segmented into on-demand streaming, and live streaming. Based on content, the market is segmented into audio and video. Based on the platform, the market is segmented into application based and web based. On the basis of application, the market is segmented into individual and commercial. The market analysis also studies regional segmentation to devise regional market segmentation.

Company Profile      

Amazon.com, Inc. (Amazon Prime Music), Apple Inc. (Apple Music), Aspiro AB (Tidal), Deezer, Gamma Gaana Limited (Ganna.com), Google LLC (You Tube), Spotify Technology S.A. (Spotify), LiveXLive, Pandora Media, Inc., Tencent Music Entertainment Group are the major market players which are operating in the music streaming market.

Report Scope:

In this report, the global music streaming market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

•   Music Streaming Market, By Service:

• On-Demand Streaming
• Live Streaming

•   Music Streaming Market, By Content:

• Audio
• Video

•   Music Streaming Market, By Platform:

• Application Based
• Web Based

• Music Streaming Market, By Application:

• Individual
• Commercial

        ·           Music Streaming Market, By Region:

• North America
• The United States
• Canada
• Mexico
• Europe
• Russia
• France
• The United Kingdom
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Indonesia
• Vietnam
• Middle East & Africa
• Saudi Arabia
• Egypt
• UAE
• Turkey
• South America
• Brazil
• Argentina
• Colombia 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global music streaming market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).