Global Music Streaming Market Overview
The key driver impacting the music streaming market is the growing popularity of live streaming through platforms such as YouTube and Instagram. For instance, According to the International Federation of the phonographic industry report, the global music industry is majorly driven by users engagement with streaming. The Total streaming ( both advertising-supportedand paid subscription ) grew 19.9% and reached around $13.4 billion, that is 62.1% of total worldwide recorded music revenues. The paid subscription streaming revenues, which increased by 18.5% Digital revenues have increased steadily over the past few years, and streaming revenues alone now account for more than half (56.1%) of the global recorded music market after rising by 22.9% in 2019. By the end of that year, there were 341 million users of subscription streaming accounts globally. Moreover, the integration of state-of-the-art technologies into music streaming platforms and the availability of regional content on digital media contribute to the growth of the music streaming market in the coming years.
According to Value Market Research, the global Music Streaming market size was valued at about USD 20 billion in 2020 and is estimated to grow at a CAGR of around 17.5% during the forecast period 2021 to 2027.
The rise in the number of service providers and the wide-scale penetration of smartphones worldwide is likely to augment the market demand in the forecast period. For instance, According to the Pew Research center report estimations, in 2019, over 5 billion people worldwide have mobile devices, in which half of these connections were smartphones. As per the Internet Innovation Alliance, In 2017, smartphone users number were projected to reach 224.3 million in the U.S. It is anticipated that smartphone users might reach 270 million by 2022. Smartphones are usually used for music streaming through various music applications as they provide ease of access and convenience to consumers. However, a complex government regulatory framework and licensing regimes may hamper the market in the long run. Also, the threat from pirated channels is negatively impacting the market growth. On the other hand, the current industry trends, such as the growing number of service providers and the availability of several subscription schemes, are expected to offer several beneficial market opportunities to the key players.
The music streaming market is vast, with many local and global players. The music streaming market is extensive, with many international and regional players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. For instance, in January 2020, VFairs had launched a new chat platform. It is for virtual career fairs, and it facilitates exhibitors and attendees to engage and interact with each other in real-time. The key market players studied in the report include Spotify AB, Amazon.com, Inc., Apple, Inc., Deezer, SoundCloud Limited, Pandora Media, Inc, Google LLC, Pandora Media, Inc, Tencent Music Entertainment Group, and Tidal.
In this research report, the Music Streaming market is segmented by Service, platform, content type, end-use, and region.
Analysis by Service:
By service, the report is categorized into on-demand streaming and live to stream. The on-demand streaming segment dominates the segment with over 70% share in 2020. On-demand streaming adds to the convenience of the consumers by giving them discovery features and recommendations based on their choices. Moreover, the increasing need to handle the risk of piracy and the need for restricting the illegal sharing and downloading of music contributes to the on-demand streaming segment growth in the forecast period.
Analysis by Platform:
By platforms, the report is categorized into Apps and Browsers. The apps segment dominates the platform segment with over 85% share in 2020. It is due to the growing popularity of media streaming, driven by high-speed internet, and the ever-increasing adoption of smartphones. Moreover, the consumer's growing adoption of music applications allows them to purchase thousands of song tracks from the app and contributes to the apps segment growth in the forecast period.
Analysis by Content Type:
By content type, the report is categorized into Audio and Video. The audio segment dominates the content type segment with over 60% share in 2020. The rowing preference of users for multi-tasking, especially listening to songs while commuting to work, exercising, or doing household chores, leads to high demand for audio content. Moreover, the increasing number of commercial end-users, such as cafés, restaurants, gymnasiums, and pubs, are using audio streaming platforms to play songs in their commercial spaces contributing to the growth of the audio segment in the forecast period.
Analysis by End-Use:
By end-use, the report is categorized into individual and commercial. The individual segment dominates the establishment size segment with over 65% share in 2020. It is due to the changing lifestyle of millennials, which often comprises listening to songs during their daily chores. Moreover, with the superior accessibility of wireless networks and widespread use of mobile devices, the music streaming market is gradually more swapping downloads contributing to the growth of the individual segment in the forecast period.
Analysis by Region:
In the regional outlook of the global music streaming market, the North America region dominates globally with a 30% market share in the forecast period. It is due to the fixed broadband speeds, and coverage, the high adoption of connected devices, and improved digital payment infrastructure also complement the development of music streaming services. Moreover, the existence of leading market players, such as Amazon.com, Inc., Google LLC, Apple, Inc., and Pandora Media, Inc., contribute to tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Service
- On-demand streaming
- Live streaming
By Platform
By Content Type
By End-Use
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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