Global Music Streaming Market By Type (Paid Music Streaming and Free Music Streaming), By Service (On Demand Streaming and Live Streaming), By Platform (Website and App), By End-User (Individual and Commercial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Sep 2023
- Report ID: 12086
- Number of Pages: 289
The Global Music Streaming Market size is expected to be worth around USD 125.70 Billion by 2032 from USD 31.90 Billion in 2022, growing at a CAGR of 15.10% during the forecast period from 2023 to 2032.
A music streaming service is a streaming media service that works primarily on music and other digital platforms. These services are generally paid services that allow users to stream copyrighted digital songs on demand from an established library and a cloud-based music library provided by the service. Some Services may offer a limited free trial.
Advertising and Usage Restrictions include a recommendation engine to help users find songs they like based on their play history and other factors and the ability to create public playlists and share them with others. Streaming services experienced significant growth in the mid-2010s, shadowing music stores as the largest source of revenue for digital music or cloud-based music. Streaming services are included in major record charting methods and streams of music-related content on video-sharing platforms.
Easy Access to Music And Free Subscription Drives the Music Streaming Market.
The high demand for Music Streaming in digital form encourages using multi-device compatible devices. Manufacturers are therefore focused on offering multi-device capable services and various voice assistants to give users a great listening experience.
Online streaming has become the best entertainment option for users. Most providers are now rolling out compatible devices, an estimated huge opportunity for the music streaming market. Additionally, the increasing availability of multi-device compatible services is expected to increase subscribers as they can freely access their favorite music on the devices of their choice.
In addition to offering music on one device, major music service providers offer music services on multiple devices simultaneously with the same paid subscription, enhancing the personalized online music streaming experience. This is expected to drive the growth of the music streaming market during the forecast period.
Illegal Music Streaming Apps and Websites Decreased the Revenue Share of the Music Streaming Market.
Today, the music industry is heavily regulated, emphasizing music publishing rights. Additionally, various regulatory changes have been made to recognize the rights of music creators in the digital age. These situations are hindering the market growth of the music streaming market.
Also, music consumers can’t avoid ads while listening to music on some paid music streaming apps. In other words, ads are a part of online music streaming, and users cannot eliminate them. It may spoil their music experience of them. Many illegal apps and websites on the Internet offer free music streaming to their users. These websites are undermining the revenue of legitimate websites and apps and hampering the global music streaming market.
Artificial Intelligence and Machine Learning are Expected to Uplift the Global Music Streaming Market.
The music industry recently got a glimpse into the power of artificial intelligence (AI) and machine learning (ML) through recommendation engines. Likewise, music streaming platforms like Google Play, Amazon, and Apple are advancing their music services to the next level by combining AI into music streaming. This could help music streaming platforms to reshape the music industry as it helps users discover music based on their personalities.
AI and ML play an important role in the music streaming industry as they can transform live streaming to meet user demand for real-time music. In addition, combining AI and ML with human curation allows musicians to get smarter over time and achieve unprecedented levels of fine-tuned personalization. AI and ML are expected to help musicians create high-quality, professional-sounding music and bring great revenue opportunities to the music streaming market.
Music streaming services have transformed the music streaming industry. Users no longer have to buy individual songs or CDs to listen to their favorite music. Instead, pay a small monthly fee to a music streaming service that gives full access to all the songs and a seamless user experience. Active users now have unlimited access to their favorite songs, related songs, and personalized playlists. This made it easier for smaller artists to find them and increased their visibility. It’s also changing how music is enjoyed, opening up new possibilities for the live-streaming experience.
“MelodyVR” is a modern experience platform that brings you live music. A Virtual Reality headset app that takes you to a new level of live music. Users can bring the live music festival experience directly to consumers by purchasing tickets to see live performances at festivals and favorite music venues. In some ways, this is the first of its kind and gives the music industry a glimpse into the future of streaming.
The Metaverse is a new idea for music streaming services. As metaverses grow in popularity, the music industry is waiting to see how live streaming works, what music streaming services integrate with customer convenience, and how it changes the music landscape. It’s a concept that can potentially evolve into something bigger than we imagine. However, some say Spotify has already hinted at an entry into the metaverse. This could be all new to the music industry
Free Music Streaming Holds the Major Market Share Compared to Paid Music Streaming.
Based on type, the market is divided into paid music streaming and free music streaming. Access to free music has become easier with the Music streaming platforms like Spotify, Apple Music, and Amazon Music. All the platforms have paid subscription options, but the free versions are easy to integrate.
Therefore, free music streaming is anticipated to hold a large share. These services are available on online applications. Paid music streaming services allow customers to browse and play their favorite music anytime, without commercial interruptions.
The on-demand streaming segment generated the largest share of sales.
On-Demand streaming is expected to share a major market during the forecast period. On-demand streaming significantly limits illegal music streaming and downloads for everyone, from streamers to musicians. In addition, it improves customer experience by providing discovery features and suggestions based on their preferences.
The live-streaming segment is expected to register the highest CAGR during the forecast period. The potential of live streaming to reach a wider audience is a major factor driving this segment. Live streaming is the process of delivering live content to individuals in real time over the Internet. In addition to services designed specifically for live streaming, several social media channels also support live video.
As live video became more popular, the musician began live streaming on sites such as his YouTube Live, Facebook, Instagram, and Periscope on Twitter. This trend is expected to drive the segment further during the forecast period.
The Apps Segment Leads the Market with a Major Share in the Global Music Streaming Market.
The app segment accounted for the largest revenue share in the platform segment of the global music streaming market. Music apps lead the music streaming industry, offering thousands of song tracks for purchase and quite a few for free. Additionally, the requirement for music streaming apps is impacted due to factors such as high-speed Internet and increasing smartphone usage. Many providers have advanced web and apps to make their services available for cross-device access.
Music streaming providers allow the delivery of music and video content over the Internet without traditional broadcast or cable players. These services are delivered through apps and browsers on consumer handheld devices such as tablets, smartphones, and laptops. The global rollout of 5G internet connectivity is expected to drive demand for streaming technologies that provide users with a continuous listening experience without downloading files to their devices.
An individual segment covers the largest revenue share of 59.8% to dominate the market. Since the advent of music streaming services, users have been able to easily stream millions of songs on demand. The growth of this segment will be driven by the evolving lifestyles of young people, such as listening to music as part of their daily activities and using personalized playlists.
Many tech companies allow their employees to listen to music on headphones while working in peace. As wireless networks become more accessible and mobile devices become more prevalent, the market is increasingly overtaking downloads in the digital music market.
The commercial segment is expected to show the fastest growth. This is due to the growing need for a better atmosphere to retain customers and improve customer satisfaction. In addition, music can uplift people at work, keep them happy, and increase their productivity. Due to this, commercial users are turning to music streaming services. However, business owners cannot play the songs on standard streaming services.
Business users must follow the rules set by local or global music authorities. For example, in Australia, commercial entities must pay a live performance fee to the Australian Performing Rights Association (APRA), the copyright management organization, to legally perform music. Such fees support royalties to composers, publishers, and artists.
Key Market Segments:
- Paid Music Streaming
- Free Music Streaming
- On-Demand Streaming
- Live Streaming
By End-User Analysis
COVID-19 Impact Analysis
The COVID-19 pandemic was anticipated to transform the way people use media. A new study finds online music streaming data of top songs in many countries during pandemic statistics and daily collected data to analyze the nature of these changes. The study found that COVID-19 has reduced the use of audio music streaming in many countries.
Globally, the economic impact of shutdowns due to COVID-19 is significant. However, some expected demand for digital streaming services to surge as many people were forced to stay home, work remotely, and spend more time online during the market downturn. Additionally, with theatres and live concerts closed, consumers were expected to be more likely to listen to music at home.
The study found that workers’ reduced commuting time correlated with reduced music consumption, suggesting that exercise restriction contributed to the reduction. Countries that saw a significant decline in mobility and travel time post-pandemic saw a significant decline in music streaming. Another factor driving consumption could be that people spent less money streaming music during the pandemic when many incomes were lost.
North America accounted for the major revenue share of 31% and is expected to register massive growth over the forecast period. The main factor driving the market in this region is the presence of key market players, and the high penetration of wireless landline phones, smart devices, and online payment technologies contribute to the regional market’s growth.
After North America, significant growth is expected in Asia-Pacific and Europe during the forecast period. Countries such as China, India, and the UK hold the major key players in the music streaming market.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Spotify, Amazon, and Apple Music dominate the Global Music Streaming Market.
Major players seek mergers and acquisitions and strategic partnerships to expand their corporate footprint and thrive in a competitive business environment. For example, in December 2021, Spotify partnered with the online dating and social networking application Tinder to elevate the musical mood of singles during Christmas.
Market Key Players:
- Apple Inc.
- Spotify AB
- com Inc.
- Google LLC (YouTube Music)
- Pandora Media Inc.
- Tencent Music Entertainment Group
- Gamma Gaana Limited
- Saavn Media Pvt Ltd.
- Other Key Players.
- In November 2022, Spotify expanded audiobooks to more countries outside the US. Users can listen to over 3,00,000 audiobook titles and download them offline. Audiobooks display a lock icon on the play button to indicate that users must purchase them to listen to them. The auto-bookmark feature lets users quickly save locations to pick up where they left off.
- In December 2022, Apple announced Apple Music Sing. This exciting new feature permits users to sing along with their preferred songs using alterable vocals and real-time lyrics. Apple Music Sing allows users to take the lead, sing back, or perform duets. All of this is integrated into Apple Music’s amazing lyrics experience. Apple Music Sing is fun for everyone, regardless of location.
Report Features Description Market Value (2022) US$ 31.9 Bn Forecast Revenue (2032) US$ 125.7 Bn CAGR (2023-2032) 15.1% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type – Paid Music Streaming and Free Music Streaming; By Service – On Demand Streaming, and Live Streaming; By Platform – Website and App); By End-User – Individual and Commercial. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Apple Inc., Spotify AB, Amazon.com Inc., Google LLC (YouTube Music), Deezer, Pandora Media Inc., Tencent Music Entertainment Group, Tidal, Gamma Gaana Limited, Saavn Media Pvt Ltd, and Other key players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)How big is the music streaming industry?
The Global Music Streaming Market is projected to reach US$ 125.7 Billion by 2032 from US$ 31.9 Billion in 2022.What is a music streaming service market?
A music streaming service is a streaming media service that primarily focuses on music and operates on digital platforms. These services allow users to stream copyrighted digital songs on demand from a library provided by the service.What are the different types of music streaming?
The market is divided into paid music streaming and free music streaming. Free music streaming holds the major market share compared to paid music streaming.Which platform leads the music streaming market?
The app segment leads the music streaming market, accounting for the largest revenue share. Music streaming apps are popular and widely used, offering a vast library of songs for users to access.How do music streaming services benefit commercial users?
Music streaming services offer commercial entities the opportunity to create a better atmosphere, enhance customer satisfaction, and increase productivity through the power of music.Who are the major end-users of music streaming services?
The individual segment covers the largest revenue share in the music streaming market. Many individuals use music streaming services for their daily activities and personalized playlists.What are the drivers of the music streaming market?
Easy access to music and free subscriptions are significant drivers in the music streaming market. The availability of multi-device compatible services and the integration of voice assistants also contribute to market growth.Which companies dominate the global music streaming market?
Spotify, Amazon, and Apple Music are the dominant players in the global music streaming market.How is future for the music streaming market?
The music streaming market is expected to continue its growth trajectory, driven by advancements in technology, expanding internet connectivity, and the increasing popularity of streaming platforms.
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