Music Streaming Market to grow by USD 31.1014 billion from 2022 to 2027; Increasing preference for music streaming services drive the market – Technavio

NEW YORK, Aug. 17, 2023 /PRNewswire/ — The music streaming market is set to grow by USD 31,101.37 million from 2022 to 2027 progressing at a CAGR of  15.67% during the forecast period. Discover Advertising industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The music streaming market covers the following areas:

Company Landscape

The music streaming market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Company 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. 
•  Apple Inc. – The company offers an in-built Apple music platform that provides 100 million songs and thirty thoUSAnd playlists ads free.

For the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings – View Sample in minutes

Key Market Segmentation

This report extensively covers market segmentation by type (free and paid), end-user (individual users and commercial users), and geography (North America, Europe, APAC, South America, Middle East and Africa).

• The market share growth by the free segment will be significant during the forecast period. The free music streaming segment is expected to grow moderately during the forecast period. Providers leverage ad-based models in free music streaming services to generate revenue through ad placements during streaming or in conjunction with in-app purchases. Notably, Spotify and Alphabet are dominant players in the realm of free streaming services. These free subscriptions offer limited music access, coupled with periodic ads. For instance, Spotify’s ad-supported music streaming provides free subscribers access to around 750 songs beyond the on-demand collection, interspersed with ads every two tracks. Similarly, Alphabet permits free users to explore up to 50,000 songs from their music repository, interspersed with ads between tracks. This robust free music streaming segment is anticipated to be a driving force behind the market’s growth during the forecast period.

View Sample Report in minutes of this report for more highlights into the market segments.

Regional Market Outlook

North America is expected to account for 44% of the global market growth during the forecast period. The music streaming market in the North American region is expected to register stagnant growth during the forecast period. A pivotal factor contributing to this trend is the early adoption of music streaming services by the United States, a prominent player within the region, which has now reached a state of near-saturation. Notably, the music streaming services market across the region is fortified by an extensive array of music subscribers effectively managed by service providers. This expansion is further accentuated by the decline in sales of physical music components like compact discs (CDs) within the United States, attributed to the widespread prevalence of music streaming services. Engaging in strategic maneuvers, regional players are strategically broadening their operations through partnerships with artists, securing exclusive song rights, and even acquiring smaller entities within the music industry.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

• 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.
• TuneIn Inc.

What’s New? –

• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

Market Dynamics 

Driver

Increasing preference for music streaming services is notably driving the growth of the music streaming market.  The growing preference for music streaming services is poised to propel market growth throughout the forecast period. A notable surge of one million fresh subscribers gravitates towards music streaming services each month. These services serve as a pivotal deterrent against the unlawful downloading and sharing of music. Remarkably, the majority of these subscribers fall within the age bracket of 18 to 40 years. Among this youthful demographic, there exists a strong inclination towards accessing free music via various platforms. Notably, Pandora extends both paid subscriptions and free channel access, attracting a substantial user base due to its compatibility with diverse operating systems like Android, IOS, and Windows. Furthermore, entities such as Pandora and YouTube are actively exploring diverse avenues to encourage the migration of users from free music streaming to subscription-based models devoid of advertisements.

Trends

The increasing introduction of differentiated music streaming services is an emerging trend shaping market growth. Differentiated music streaming services are progressively being introduced by providers within the music streaming market. Key players like YouTube Music, Pandora, Spotify, Deezer, and Tidal offer an array of distinct features, encompassing seamless cross-platform accessibility, automated playlist tailoring, and superior audio quality. Notably, YouTube Music and Pandora stand out by furnishing users with personalized recommendations, a distinguishing attribute among their counterparts. For instance, Alphabet’s YouTube Music employs artificial intelligence technology alongside user-specific Google account information to curate song selections and recommendations, further enhancing its offerings based on geographical location. Leveraging its patented Music Genome Project, Pandora is venturing into podcast replication, catering to its customer’s preferences. Similarly, Spotify has emphasized social components, ensuring global streaming availability on varied operating systems, including Android, IOS, Windows, and Adobe. Apple and Amazon also contribute to the landscape by rendering music streaming services via their respective hardware platforms. Hence, the mounting embrace of diverse music streaming services stands out as a pivotal trend propelling market expansion during the forecast period. 

Challenge 

Lack of ownership in music streaming is a significant challenge hindering market growth. Publishing music digitally is a crucial part of music publishing. This sector operates within its own distinct confines, where the dynamics revolve around subscription-oriented licenses that furnish consumers with extensive song repositories. However, a notable drawback inherent to music streaming services is the absence of music ownership for subscribers. Furthermore, not all providers in this domain facilitate music downloads, obliging users to maintain an internet connection for real-time music streaming. The dearth of ownership is poised to discourage potential customers from embracing music streaming services, potentially impeding the market’s growth during the forecast period. 

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Related Reports:  

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. This market report extensively covers market segmentation by type (music streaming and radio on demand), end-user (individual users and commercial users), and geography (North America, Europe, APAC, South America, Middle East and Africa). Increasing preference for music streaming services is notably driving the growth of the music streaming market. 

The music production software market size is estimated to grow at a CAGR of 7.47% between 2022 and 2027. The market size is forecast to increase by USD 333.24 million. This report extensively covers market segmentation by type (editing, mixing, and recording), end-user (professionals and non-professionals), and geography (North America, Europe, APAC, South America, Middle East and Africa). The rising number of musicians and artists is driving growth in the music production software market.

Key Topics Covered:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global music streaming market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global music streaming market 2017 – 2021 (USD million)

• 4.2 Type Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 (USD million)

• 4.3 End-user Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 – 2021 (USD million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type – Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Free – Market size and forecast 2022-2027
• Exhibit 34: Chart on Free – Market size and forecast 2022-2027 (USD million)
• Exhibit 35: Data Table on Free – Market size and forecast 2022-2027 (USD million)
• Exhibit 36: Chart on Free – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Free – Year-over-year growth 2022-2027 (%)

• 6.4 Paid – Market size and forecast 2022-2027
• Exhibit 38: Chart on Paid – Market size and forecast 2022-2027 (USD million)
• Exhibit 39: Data Table on Paid – Market size and forecast 2022-2027 (USD million)
• Exhibit 40: Chart on Paid – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Paid – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type (USD million)
• Exhibit 43: Data Table on Market opportunity by Type (USD million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 44: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user – Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Individual users – Market size and forecast 2022-2027
• Exhibit 48: Chart on Individual users – Market size and forecast 2022-2027 (USD million)
• Exhibit 49: Data Table on Individual users – Market size and forecast 2022-2027 (USD million)
• Exhibit 50: Chart on Individual users – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Individual users – Year-over-year growth 2022-2027 (%)

• 7.4 Commercial users – Market size and forecast 2022-2027
• Exhibit 52: Chart on Commercial users – Market size and forecast 2022-2027 (USD million)
• Exhibit 53: Data Table on Commercial users – Market size and forecast 2022-2027 (USD million)
• Exhibit 54: Chart on Commercial users – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Commercial users – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 56: Market opportunity by End-user (USD million)
• Exhibit 57: Data Table on Market opportunity by End-user (USD million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 63: Chart on North America – Market size and forecast 2022-2027 (USD million)
• Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 (USD million)
• Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe – Market size and forecast 2022-2027 (USD million)
• Exhibit 68: Data Table on Europe – Market size and forecast 2022-2027 (USD million)
• Exhibit 69: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 (USD million)
• Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 (USD million)
• Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 75: Chart on South America – Market size and forecast 2022-2027 (USD million)
• Exhibit 76: Data Table on South America – Market size and forecast 2022-2027 (USD million)
• Exhibit 77: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
• Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
• Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 83: Chart on US – Market size and forecast 2022-2027 (USD million)
• Exhibit 84: Data Table on US – Market size and forecast 2022-2027 (USD million)
• Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 87: Chart on China – Market size and forecast 2022-2027 (USD million)
• Exhibit 88: Data Table on China – Market size and forecast 2022-2027 (USD million)
• Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 UK – Market size and forecast 2022-2027
• Exhibit 91: Chart on UK – Market size and forecast 2022-2027 (USD million)
• Exhibit 92: Data Table on UK – Market size and forecast 2022-2027 (USD million)
• Exhibit 93: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.11 Germany – Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany – Market size and forecast 2022-2027 (USD million)
• Exhibit 96: Data Table on Germany – Market size and forecast 2022-2027 (USD million)
• Exhibit 97: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.12 Japan – Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 (USD million)
• Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 (USD million)
• Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography (USD million)
• Exhibit 104: Data Tables on Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Alphabet Inc. 
• Exhibit 111: Alphabet Inc. – Overview
• Exhibit 112: Alphabet Inc. – Business segments
• Exhibit 113: Alphabet Inc. – Key news
• Exhibit 114: Alphabet Inc. – Key offerings
• Exhibit 115: Alphabet Inc. – Segment focus

• 12.4 Amazon.com Inc. 
• Exhibit 116: Amazon.com Inc. – Overview
• Exhibit 117: Amazon.com Inc. – Business segments
• Exhibit 118: Amazon.com Inc. – Key news
• Exhibit 119: Amazon.com Inc. – Key offerings
• Exhibit 120: Amazon.com Inc. – Segment focus

• 12.5 Apple Inc. 
• Exhibit 121: Apple Inc. – Overview
• Exhibit 122: Apple Inc. – Business segments
• Exhibit 123: Apple Inc. – Key news
• Exhibit 124: Apple Inc. – Key offerings
• Exhibit 125: Apple Inc. – Segment focus

• 12.6 Bharti Airtel Ltd. 
• Exhibit 126: Bharti Airtel Ltd. – Overview
• Exhibit 127: Bharti Airtel Ltd. – Business segments
• Exhibit 128: Bharti Airtel Ltd. – Key news
• Exhibit 129: Bharti Airtel Ltd. – Key offerings
• Exhibit 130: Bharti Airtel Ltd. – Segment focus

• 12.7 Curb Records Inc. 
• Exhibit 131: Curb Records Inc. – Overview
• Exhibit 132: Curb Records Inc. – Product / Service
• Exhibit 133: Curb Records Inc. – Key offerings

• 12.8 Deezer SA 
• Exhibit 134: Deezer SA – Overview
• Exhibit 135: Deezer SA – Product / Service
• Exhibit 136: Deezer SA – Key news
• Exhibit 137: Deezer SA – Key offerings

• 12.9 Gamma Gaana Ltd. 
• Exhibit 138: Gamma Gaana Ltd. – Overview
• Exhibit 139: Gamma Gaana Ltd. – Product / Service
• Exhibit 140: Gamma Gaana Ltd. – Key offerings

• 12.10 iHeartMedia Inc. 
• Exhibit 141: iHeartMedia Inc. – Overview
• Exhibit 142: iHeartMedia Inc. – Business segments
• Exhibit 143: iHeartMedia Inc. – Key offerings
• Exhibit 144: iHeartMedia Inc. – Segment focus

• 12.11 KKBOX 
• Exhibit 145: KKBOX – Overview
• Exhibit 146: KKBOX – Product / Service
• Exhibit 147: KKBOX – Key offerings

• 12.12 Meredith Corp. 
• Exhibit 148: Meredith Corp. – Overview
• Exhibit 149: Meredith Corp. – Product / Service
• Exhibit 150: Meredith Corp. – Key offerings

• 12.13 Reliance Industries Ltd. 
• Exhibit 151: Reliance Industries Ltd. – Overview
• Exhibit 152: Reliance Industries Ltd. – Business segments
• Exhibit 153: Reliance Industries Ltd. – Key news
• Exhibit 154: Reliance Industries Ltd. – Key offerings
• Exhibit 155: Reliance Industries Ltd. – Segment focus

• 12.14 Sirius XM Holdings Inc. 
• Exhibit 156: Sirius XM Holdings Inc. – Overview
• Exhibit 157: Sirius XM Holdings Inc. – Business segments
• Exhibit 158: Sirius XM Holdings Inc. – Key offerings
• Exhibit 159: Sirius XM Holdings Inc. – Segment focus

• 12.15 SoundCloud Global Ltd. and Co. KG
• Exhibit 160: SoundCloud Global Ltd. and Co. KG – Overview
• Exhibit 161: SoundCloud Global Ltd. and Co. KG – Product / Service
• Exhibit 162: SoundCloud Global Ltd. and Co. KG – Key offerings

• 12.16 Spotify Technology SA 
• Exhibit 163: Spotify Technology SA – Overview
• Exhibit 164: Spotify Technology SA – Business segments
• Exhibit 165: Spotify Technology SA – Key offerings
• Exhibit 166: Spotify Technology SA – Segment focus

• 12.17 Tencent Holdings Ltd. 
• Exhibit 167: Tencent Holdings Ltd. – Overview
• Exhibit 168: Tencent Holdings Ltd. – Business segments
• Exhibit 169: Tencent Holdings Ltd. – Key offerings
• Exhibit 170: Tencent Holdings Ltd. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 171: Inclusions checklist
• Exhibit 172: Exclusions checklist

• 13.3 Currency conversion rates for USUSD
• Exhibit 173: Currency conversion rates for USUSD

• 13.4 Research methodology 
• Exhibit 174: Research methodology
• Exhibit 175: Validation techniques employed for market sizing
• Exhibit 176: Information sources

• 13.5 List of abbreviations 
• Exhibit 177: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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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