Music Streaming Market Size, Share, Growth, and Industry Analysis, By Type (Free Version Available, No Free Version), By Application (Mobile Phone, Tablet PC and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 15 April 2024

Music Streaming Market Report Overview

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The global music streaming market size was 7565.5 million in 2021 and is expected to reach USD 35842.33 million by 2031, exhibiting a CAGR of 16.6% during the forecast period. 

Music streaming refers to the online distribution of music through various platforms and services that allow users to listen to music on-demand. It has become increasingly popular in recent years, revolutionizing the way people consume music. Unlike traditional methods of music consumption, such as purchasing CDs or downloading songs, music streaming allows users to listen to any song or album instantly, without the need to own physical or digital copies.

Most music streaming platforms operate on a subscription-based model, where users pay a monthly fee to access the service. Subscription fees may vary depending on the platform and some services offer free ad-supported options as well. Many platforms integrate social features, allowing users to create and share playlists, follow their friends' music activity, and engage with artists directly. This enhances the social aspect of music discovery and listening.

COVID-19 IMPACT: Increased streaming consumption to Boost Demand Significantly

The COVID-19 pandemic has been unprecedented and staggering, with music streaming experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels. The COVID-19 pandemic had a significant impact on the music streaming market. With lockdowns and restrictions implemented worldwide, people spent more time at home, leading to a surge in music streaming. Many individuals turned to music as a form of entertainment and comfort during the challenging times, resulting in increased streaming consumption.

The pandemic affected the timing and promotion of music releases. Many artists delayed album launches or modified promotional strategies due to the uncertainty surrounding the industry and reduced marketing opportunities.

With social distancing measures and lockdown, there had been cancellation or postponement of concerts, music festivals, and other live events. As a result, artists and fans turned to streaming platforms as an alternative way to connect and experience live performances. Virtual concerts and live-streamed events became popular, with platforms like Twitch and YouTube hosting exclusive performances. : Music streaming services saw a rise in subscription numbers during the pandemic. With limited entertainment options available, people were willing to pay for ad-free and premium features provided by platforms like Spotify, Apple Music, and others. The convenience and access to a vast music library became more appealing to users. The market is anticipated to boost the music streaming market share following the pandemic.

LATEST TRENDS

"Podcast Integration to Enhance the Market Growth "

Music streaming platforms are increasingly incorporating podcasts into their offerings. This trend allows users to access both music and podcasts on a single platform, providing a more comprehensive audio experience. Platforms like Spotify have invested heavily in podcast content and exclusive deals with podcast creators.

The pandemic has accelerated the trend of live-streamed performances and virtual concerts. Artists and platforms have embraced this format, allowing them to connect with fans and generate revenue. Virtual concert experiences have become more sophisticated, incorporating interactive elements, virtual reality (VR), and augmented reality (AR) technologies. These latest developments are anticipated to boost the music streaming market share.

Music Streaming Market Segmentation

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• By Type

Based on type, the market is divided into Free Version available and No Free Version.

No free version holds the major share of the global market.

• By Application

Based on application the market is bifurcated into Mobile Phone, Tablet PC and Other.

Mobile phone on application holds the major share of the global market.

DRIVING FACTORS

"Convenience and Accessibility to Boost Market Share"

Music streaming offers unparalleled convenience and accessibility to a vast library of songs. Users can access their favorite music anytime, anywhere, as long as they have an internet connection. The ability to stream on-demand eliminates the need for physical music collections or downloads, making it easy for users to discover, listen to, and curate playlists of their favorite songs.

"Mobile device penetration to Boost Market Size"

The widespread adoption of smartphones and tablets has significantly contributed to the growth of the music streaming market. With mobile devices becoming the primary means of accessing digital content, streaming platforms have adapted their services to provide seamless experiences on mobile apps. The portability and ubiquity of mobile devices have made music streaming more accessible and appealing to a larger audience. These platforms leverage sophisticated algorithms and machine learning techniques to offer personalized recommendations and curated playlists. By analyzing user listening habits, preferences, and data, these platforms can deliver tailored music recommendations, helping users discover new artists, songs, and genres. The emphasis on personalization enhances the user experience and keeps users engaged with the platform. These factors are anticipated to drive the music streaming market share.

RESTRAINING FACTORS

"Licensing costs and negotiations to Hamper Market Share"

Music streaming platforms need to secure licenses from record labels, publishers, and artists to stream their music legally. These licensing agreements often involve complex negotiations and significant costs, especially for smaller streaming services. High licensing fees can impact the profitability and sustainability of streaming platforms, leading to limited competition and consolidation in the market. Music licensing agreements can vary by region, resulting in fragmented music catalogs across different countries. Some songs or albums may be unavailable in certain regions due to licensing restrictions, which can limit the overall user experience. The lack of uniform availability across regions poses a challenge for global music streaming platforms aiming to cater to a diverse user base. The factors are anticipated to hinder the growth of the music streaming market share.

Music Streaming Market Regional Insights

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"North American Region Dominates the Market with Strong Consumer Market"

With a high level of disposable income and a culture of digital consumption, American consumers have been early adopters of music streaming services. The market size and consumer spending power in the United States contribute to its significant share in the music streaming market. North America as a vibrant and influential music industry, home to many globally recognized artists across various genres. American artists and their music have a significant impact on the global music scene, driving the demand for music streaming services. The prominence of American artists contributes to the country's share in the music streaming market. Europe is considered the second major shareholder of the global music streaming market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Apple [U.S.]
• Deezer [France]
• Google [U.S.]
• iHeartMedia [U.S.]
• Pandora Media [U.S.]
• Spotify [Sweden]
• Aspiro Group [ Norway]
• Curb Records [U.S.]
• Gaana [India]
• Guvera [Australia]
• Hungama MyPlay [India]
• Mixcloud [U.K.]
• Myspace [U.S.]
• Napster [U.S.]
• RadioTime [U.S.]
• Saavn [U.S.]
• SoundCloud [Germany]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.