The music streaming market is estimated to grow by USD 31,101.37 million from 2022 to 2027. The growth momentum will progress at a CAGR of 15.67% during the forecast period. Increasing preference for music streaming services notably drives the growth of the music streaming market. Young consumers in the 18-40 age group prefer free music through platforms. Pandora offers paid subscriptions. However, its channel is free to access and has a large customer base as it supports almost all operating systems, such as Android, IOS, and Windows. Hence, such factors drive market growth during the forecast period.
Music streaming market – Vendor Analysis
Vendor Landscape – The global music streaming market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer music streaming services in the market 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., 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. and others.
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Vendor Offerings –
- Alphabet Inc. – The company offers you tube music streaming apps based on prepaid and monthly subscription plans.
- Amazon.com Inc. – The company offers the amazon prime music app which provides unlimited access to 100 million songs.
- Amazon.com Inc. – The company offers an in-built Apple music platform that provides 100 million songs and thirty thousand playlists with ads free.
- For details on the vendor and their offerings – Request a sample report
Music Streaming Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Type (Free and Paid), End-user (Individual users and Commercial users), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the free segment will be significant for overall market growth during the forecast period. The segment is expected to grow moderately during the forecast period. It is an ad-based service that providers use to generate revenue by serving ads during music streaming or when users make paid in-app purchases. Hence, such factors drive the segment growth during the forecast period.
Geography Overview
By geography, the global music streaming market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global music streaming market.
· North America will account for 44% of the market’s growth. In North America, the United States is the most important market for music streaming. The market in this region will increase at a quicker rate than the market in other regions. Also, over the forecast period, the enormous portfolio of music subscribers handled by music streaming service providers will assist the expansion of the music streaming market in the region. Hence, such factors drive regional market growth.
For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report
Music Streaming Market – Market Dynamics
Major Trends –
- The increasing introduction of differentiated music streaming services is an emerging trend influencing the music streaming market growth.
- Providers increasingly introduce differentiated music streaming services in the music streaming market.
- Providers including YouTube Music, Pandora, Spotify, Deezer, and Tidal provide multiple features such as easy cross-platform access, automatic playlist customization, and high-quality sound.
- Thus, the increasing adoption of differentiated music streaming services is one of the key trends driving the growth of the market during the forecast period.
Key challenges –
- Lack of ownership in music streaming is a major challenge hindering the music streaming market growth.
- Publishing music digitally is an integral part of music publishing and the music streaming market is a proprietary market.
- Music streaming market dynamics are defined by subscription-based licenses, which give consumers access to massive song collections.
- One of the major downsides of music streaming services is that subscribers can’t own their music.
- Moreover, not all music streaming service providers allow music downloads, requiring consumers to be connected to the internet to stream music.
- Hence, such challenges impede the market growth during the forecast period.
What are the key data covered in this Music Streaming Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the music streaming market between 2023 and 2027
- Precise estimation of the size of the music streaming market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the music streaming market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of music streaming market vendors
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