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Music Streaming Market Trends

ID: MRFR//10496-HCR | 128 Pages | Author: Aarti Dhapte| July 2024

Music Streaming Market Overview

Music Streaming Market Size was valued at USD 34.8 Billion in 2022. The Music Streaming Market industry is projected to grow from USD 39.9 Billion in 2023 to USD 120.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.80% during the forecast period (2023 - 2032). Growing smartphone penetration and shift from physical to digital consumption are the key market drivers enhancing the market growth.

Figure1: Music Streaming Market, 2018 - 2032 (USD Billion)

Music Streaming Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Music Streaming Market Trends

High-speed internet and connectivity is driving the market growth

Connectivity and high-speed internet have been key factors in the music Streaming Market's explosive growth and success. High-speed internet accessibility and availability have altered how people consume music by offering seamless and immediate access to a sizable song catalog via a variety of devices. The music business has undergone a fundamental transformation as a result, as have the relationships between artists, labels, and streaming services and their consumers.

The user experience of music streaming services has been greatly enhanced by high-speed internet. Slow and erratic internet connections in the past were significant obstacles to streaming music. Users were forced to put up with buffering problems, protracted loading times, and interrupted playback, which diminished their experience and made them less likely to fully embrace music streaming. However, these issues have been mostly resolved as a result of the widespread use of high-speed internet. Users can now listen to music while streaming it with little to no buffering, guaranteeing a seamless and uninterrupted experience. Global music streaming is now possible because to high-speed internet's ubiquitous availability. Music streaming businesses have been able to reach previously untouched areas as more regions and nations have access to fast internet connections. This globalization has made it possible for streaming platforms to connect with millions of potential customers globally, helping to fuel the enormous subscriber bases of well-liked services.

The development of mobile music streaming has also been made possible by high-speed internet. Users may now easily access their favorite music while on the road thanks to the growing popularity of smartphones and enhanced mobile data networks. Users can now stream music on their mobile devices without the need for enormous storage capacities or physical media when commuting to work, vacationing, or working out. Because of the customers' increased ability to incorporate music into other facets of their lives, there is a continuing need for music streaming services. The emergence of high-speed internet has promoted the creation of algorithms for music discovery and recommendation. Faster internet connections enable streaming companies to gather and analyze enormous amounts of information on user preferences, listening patterns, and service interactions. To improve the overall music discovery process, these insights are applied to the creation of tailored playlists and the recommendation of new music to users. Users find it simpler to discover new artists and genres as a result, which increases user engagement and platform retention.

The transition from physical music distribution to digital music consumption has been made easier by high-speed internet. In the past, CDs and vinyl records were the most popular physical music formats, which required manufacture, shipping, and retail distribution. Fast internet connections have made digital music distribution more common, nevertheless. The music industry's production and distribution expenses have dramatically decreased as a result of this change, enabling streaming services to charge reasonable pricing for large song libraries. Increased connectivity and high-speed internet have also helped music lovers feel more connected to one another. Users now frequently use social features on music streaming services to connect and communicate with one another, including playlist sharing, collaborative playlists, and real-time listening with friends. The overall user experience is improved by this sense of community, making music streaming more than just listening to music but also about sharing and finding it together. Thus, driving the Music Streaming Market revenue.

Music Streaming Market Segment Insights

Music streaming Service Insights

The Music Streaming Market segmentation, based on service, includes on-demand streaming and live streaming. The on-demand segment dominated the market in 2022. On-demand streaming services have significantly reduced illegal music streaming and downloading overall, which is favorable for all parties involved, from distributors to musicians. Furthermore, these services boost market expansion by enhancing customer convenience by providing discovery features and tailored recommendations matched to each user's preferences.

Music streaming Platform Insights

The Music Streaming Market segmentation, based on platform, includes apps and browsers. The apps category generated the most income in 2022 due to the popularity of applications over browsers for accessibility and the many features that improve the overall user experience when streaming music.

Music streaming Content Type Insights

The Music Streaming Market segmentation, based on content type, includes audio and video. The audio segment dominated the market in 2022. The growth is attributed to its practicality in accommodating listeners' propensity for multitasking, as it allows users to partake in a variety of activities like exercising, traveling, or doing household chores that call for audio content to provide a seamless and practical entertainment experience.

Music streaming End-use Insights

The Music Streaming Market segmentation, based on end-use, includes individual and commercial. The individual segment dominated the market in 2022. The younger generations' evolving lives, which embrace the practice of incorporating music into daily activities, are ascribed to this. Additionally, the individual end-use sector is anticipated to expand throughout the forecast period due to the expansion of wireless networks and the rising adoption of mobile devices.

Figure 2: Music Streaming Market, by end user, 2022 & 2032 (USD Billion)

Music Streaming Market, by end user, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Music streaming Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Music Streaming Market dominated this market in 2022 (45.80%). There is a well-established technology infrastructure in North America, especially in the United States, and high-speed internet is widely available. Due to this, the number of music streaming services has increased, making it simpler for customers to access and enjoy their favorite music. Further, the U.S. Music Streaming Market held the largest market share, and the Canada Music Streaming Market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Music Streaming Market accounts for the second-largest market share. Europe is a multilingual and culturally diverse continent. Music streaming services are well-positioned to flourish if they provide content in a variety of languages and take into account regional tastes. Further, the German Music Streaming Market held the largest market share, and the UK Music Streaming Market was the fastest growing market in the European region.

The Asia-Pacific Music Streaming Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia-Pacific region offers a wide range of musical interests from nation to nation. By choosing content to suit these diverse inclinations, music streaming services can acquire a competitive advantage. Moreover, China’s Music Streaming Market held the largest market share, and the Indian Music Streaming Market was the fastest growing market in the Asia-Pacific region.

Music streaming Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Music Streaming Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Music streaming industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Music streaming industry to benefit clients and increase the market sector. In recent years, the Music streaming industry has offered some of the most significant advantages to medicine. Major players in the Music Streaming Market, including Apple, Inc.,, Inc., Google LLC, Spotify AB, Deezer, Pandora Media, Inc., Tencent Music Entertainment Group, SoundCloud Global Limited & Co. KG, iHeartMedia, Inc., and others, are attempting to increase market demand by investing in research and development operations.

Wearable technology, smartphones, tablets, and personal computers are all produced, sold, and created by Apple Inc. (Apple). The company additionally offers accessories, software, connected services, and digital content from third parties. Among Apple's product lines are the iPhone, iPad, Mac, iPod, Apple Watch, and Apple TV. It offers both consumer and commercial software solutions, like as iCloud, AppleCare, Apple Pay, iOS, macOS, iPadOS, and watchOS. Apple offers and distributes digital material and programs via the App Store, Apple Arcade, Apple News+, Apple Fitness+, Apple Card, Apple TV+, and Apple Music. Cloud services, financial services, and advertising services are also provided by the company. The corporation has a commercial presence throughout the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Apple is based in Cupertino, California, a city in the United States.

Google LLC (Google), an affiliate of Alphabet Inc., provides online search and advertising services. The company's primary business segments include advertising, search, platforms and operating systems, enterprise products, and hardware. These are just a few of the products and services it provides: Google Search, Google Chrome, Google Docs, Google Calendar, Google Photos, Google Meet, Google Drive, Google Finance, Google Play Books, Google News, Google Earth, Google Ad Manager, Google Play, AdMob, Google Maps, AdSense, Gmail, Google Groups, and YouTube. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. Google's main office is located in Mountain View, California, in the United States.

Key Companies in the Music Streaming Market include

  • Apple

  • Google LLC

  • Spotify AB

  • Deezer

  • Pandora Media

  • Tencent Music Entertainment Group

  • SoundCloud Global Limited & Co. KG

  • iHeartMedia

Music streaming Industry Developments

November 2022: Mercedes Benz automobiles now include Apple Music's highly acclaimed audio with support for Dolby Atmos as a natural experience, according to a joint announcement from Apple Music and Mercedes Benz. This fulfills a shared commitment to provide customers throughout the world with the best music experience.

October2021: Amazon has announced that users of the unlimited tier of the service can now stream music blended in dynamic audio from more devices than ever before, including iOS (iPhone Operating System) and Android systems with their existing headphones and select devices that support Alexa.

Music Streaming Market Segmentation

Music streaming Service Outlook

  • On-demand Streaming

  • Live Streaming

Music streaming Platform Outlook

  • Apps

  • Browsers

Music streaming Content Type Outlook

  • Audio

  • Video

Music streaming End-use Outlook

  • Individual

  • Commercial

Music streaming Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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