Music Streaming Market size to grow by USD 31.10 billion from 2022 - 2027, The increasing preference for music streaming services to drive the market growth, Technavio

NEW YORK, March 4, 2024 /PRNewswire/ -- The Music Streaming Market size is set to increase by USD 31.10 billion from 2022 to 2027, according to Technavio. The global music streaming service market is experiencing significant growth due to the rising preference for these services worldwide. In the second quarter of 2022, there was a notable 30.5% increase in the number of consumers opting for subscription-based music streaming. Additionally, every month, one million new users join these services. The expansion of wired and wireless technologies, along with advancements in telecommunication standards such as 3G, 4G, and 5G, has led to increased global Internet bandwidth, thereby boosting the widespread adoption of music streaming services. Learn more about the factors assisting the growth of the market, View PDF sample

Segmentation Overview

• Type 
• Free
• Paid
• End-user 
• Individual Users
• Commercial Users
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

In 2017, the Free segment held the top position, valued at USD 13.65 billion. Moderate growth is expected in the free music streaming market. Free music streaming operates as an ad-supported service, allowing providers to generate revenue by displaying advertisements while users listen to music or make non-free in-app purchases. Spotify and Alphabet stand out as the two major global suppliers of free streaming services. Music available on free memberships is supported by ads and has restricted access. Learn more about the factors assisting the growth of the market, View PDF sample

Company Analysis and Scope

Some of the major companies of the music streaming market include 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., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 companies operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the music streaming market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Leading trends influencing the market 

• Smart speakers from various manufacturers like Samsung, SONOS, Apple, Sony, and Xiaomi offer multi-room streaming capabilities and voice-controlled access to music libraries.
• Features such as voice control, multi-room listening, and integration with music subscriptions like Apple Music signify the impact of smart speakers on the market.
• Continuous innovation in smart speaker technology by companies like Sony and Xiaomi through new product launches contributes significantly to the expansion of the market globally.
• The emergence of smart speakers is expected to be a key trend driving growth in the global music streaming market. Download the sample report now for information on the market challenges.

Analyst Review

The market has undergone a monumental transformation in recent years, fueled by advancements in technology and the proliferation of smart devices. Digital platforms have become the cornerstone, offering users unprecedented access to vast libraries of songs at their fingertips. One of the key features enhancing user experience is automatic playlist customization, leveraging algorithms to tailor music recommendations based on individual preferences. These song recommendations not only introduce listeners to new tracks but also ensure a personalized journey.

Apps and browsers serve as gateways to this musical universe, providing seamless access to streaming platforms and enhancing user engagement. The emergence of 5G connectivity has further accelerated this trend, ensuring smooth and uninterrupted streaming experiences even on the go. Moreover, the introduction of Music HD service and lossless audio streams caters to audiophiles seeking the highest quality sound reproduction.

Entertainment experiences have also evolved beyond traditional formats, with innovations like hologram concerts and virtual reality (VR) offering immersive ways to enjoy music. Augmented reality (AR) applications are also gaining traction, providing interactive experiences for fans and artists alike.

However, this dynamic landscape brings forth challenges and opportunities. Issues surrounding IP rights are increasingly pertinent as streaming platforms collaborate with music publishers and producers to ensure fair compensation and protect creative content. Legal amendments play a crucial role in shaping the market and its global counterparts, establishing frameworks for licensing and royalties.

The Nation's Music Publishers Association (NMPA) serves as a pivotal advocate for the industry, advocating for the rights of music creators and fostering a sustainable ecosystem. Meanwhile, platforms like Tok-tok are reshaping the landscape with innovative approaches to content creation and consumption.

Beyond music, streaming platforms are diversifying their offerings, with e-fitness classes, short films, and live streaming events expanding their content repertoire. Segmental analysis of the global market reveals various factors influencing its growth trajectory, including service, platform, content type, and region. Whether it's on-demand streaming or live streaming, the audio and video segments cater to both individual listeners and commercial entities through over-the-top (OTT) platforms.

In conclusion, the market continues to evolve, driven by technological innovation, shifting consumer preferences, and regulatory developments. With an array of services and platforms catering to diverse needs, the industry is poised for further expansion and transformation in the years to come. View PDF sample

Related Reports:
Music Market: The music market size is estimated to grow at a CAGR of 12.57% between 2023 and 2028. The market size is forecast to increase by USD 70,023.6 million.

Music on Demand Market: The music on demand market size is estimated to grow at a CAGR of 13.41% between 2022 and 2027. The music on demand market size is forecast to increase by USD 38,775.66 million.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Type
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio