Music Streaming Service Market Size, Share, Growth, And Industry Analysis, By Type (Software and Hardware), By Application (Personal and Commercial), Regional Insights and Forecast From 2025 To 2033

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MUSIC STREAMING SERVICE MARKET OVERVIEW

The global music streaming service market size was valued at USD 12 billion in 2024 and market is projected to touch USD 47.81 billion by 2033, CAGR of 16.6% during the forecast period from 2025 To 2033.

A music streaming service is an audio feeding method to your device directly, without the requirement of downloading the content from the internet. Additionally, speakers, sound cards, and an internet connection might require software. The popularity of music streaming services is expected to gain consumers. It does not require any storage as it is played online.

Music streaming services are generally applications or online platforms that enable consumers to listen to their favorite music without downloading the file. It has gained popularity during lockdown due to the steady adoption of music streaming. The desire to listen to uninterrupted music increased the number of paid subscribers in the market. Online reviews and blogger recommendations are boosting the music streaming service market growth. 

COVID-19 IMPACT

Lockdown Restriction and Limited Entertainments to Accelerate Market Growth

The sudden outbreak of pandemics led to strict lockdowns globally, which increased the adoption of music streaming among the population. The population was not allowed to step outside the home, which boosted the inclination toward live-streaming apps. Pandemic escalated the demand for streaming services, unlike other industries. The music streaming service market growth experienced a positive impact. The lockdown led to an increased number of subscribers, which accelerated growth in the market. The ongoing pandemic increased the service demand due to changed consumers.  

LATEST TRENDS

Rising 5G Connectivity to Bolster Market Growth

The steady network development is anticipated to boost the demand for music streaming services. The uninterrupted 5G connectivity is expected to become one of the most popular trends in the market. With 5G capabilities to share data multiple times faster than 4G, companies can offer music streaming with high fidelity due to the steady adoption of the technology. Wide accessibility to music and albums is an additional factor expected to bolster service demand in the market. 

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MUSIC STREAMING SERVICE MARKET SEGMENTATION

By Type

By type, the market is segmented into software and hardware. 

By Application

Based on application, the market is classified into personal and commercial. 

The market is expected to be dominated by personal applications as the youngsters listen to music using their smartphones. Most of the population spends their free time listening to songs, which is expected to generate higher revenues among other segments. Therefore, this segment is forecasted to dominate the global market. 

DRIVING FACTORS

Steady Adoption of Smartphones to Surge the Market Growth

The rapid adoption of online streaming apps and smartphones coupled with the increasing penetration of OTT (Over The Top) platforms is anticipated to boost the music streaming service market share. Additionally, the incorporated Artificial Intelligence (AI) and app learning tutorials are forecasted to surge the adoption rate. 

Internet Penetration to Drive Market Growth

Online music streaming services such as Apple Music, Spotify, Jio Saavn, YouTube, and others are expected to gain traction. The desire to listen to uninterrupted music increases the number of subscribers globally, which ultimately supports the market growth. The inclination toward the adoption of cloud services boosts growth in the market. 

RESTRAINING FACTORS

Rising Concern for Content Privacy and Protection to Impede Market Growth

The population is highly concerned about privacy due to trending hacking incidents. The data security and privacy breach concern may limit the market's growth. Additionally, the lack of knowledge of these services is anticipated to hinder the growth of the market in the forecast period. Moreover, network issues may restrict music streaming. Thus, network glitches can also limit market expansion.

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MUSIC STREAMING SERVICE MARKET REGIONAL INSIGHTS

North America to Dominate Due to Increasing Profits from Music Recordings

North America is anticipated to dominate the global market due to the rise in the revenues generated by the increased number of recorded music and increased number of paid subscriptions. The presence of radio and digital services is also expected to drive growth in the region. The competitors are launching bulk packs to set a benchmark, which is expected to drive major growth in the region. 

Asia Pacific to show sizable growth by rising per capita income of the general population leading to higher smartphone adoption. Enhanced access to high-speed internet is also expected to encourage market growth. 

KEY INDUSTRY PLAYERS

Key Companies to Emphasize On Gaining Collaboration to Expand the Growth Rate

The music streaming service market consists of various-sized companies. The market is fragmented due to the presence of key players. Significant players emphasize offering high-quality sound, innovative features, and region-specific content to gain a competitive edge globally. Key players are also adopting acquisitions and collaborations to gain more consumers in the market. Additionally, the key companies focus on developing strategies that offer long-term growth. 

List of Top Music Streaming Service Companies

• Spotify (Sweden)
• Jamendo (Luxembourg)
• Heartbeats International (U.S.)
• SOUNDMACHINE (U.S.)
• Pandora (U.S.)
• Rockbot (U.S.)
• Apple (U.S.)
• Amazon (U.S.)
• Google (U.S.)
• Microsoft (U.S.)
• Jukeboxy (U.S.)
• Cloud Cover Music (U.S.)
• Custom Channels (U.S.)
• Auracle Sound (Germany)
• Brandtrack (Argentina)
• Kasimu (Spain)
• Soundreef (Italy)
• Express Melody (Singapore)
• Qsic (Australia)
• StrorePlay (Netherlands)
• Legis Music (Spain)

INDUSTRY DEVELOPMENT

• June 2020- YouTube launched a new feature named “Chapters” to enable users to navigate longer videos. Users had to scroll through the navigation bar to locate a specific video snippet. The thumbnail of the Chapters is even visible at the screen bottom near the navigation bar with timestamps. 

REPORT COVERAGE

The report covers every possible detail of the market. Global market players and their headquarters are mentioned in the report to offer details about the existing competition in the market. The market segmentation is represented in the report to offer details about various segments. The market report analyzes the music streaming service market share, competitive landscape, and other aspects. It has incorporated various factors expected to influence the c music streaming service market growth.