Music Streaming Subscription Service Market Size, Share, Growth, And Industry Analysis, By Type (Audio Music Streaming and Video Music Streaming), By Application (Individual Users and Commercial Users), and Regional Forecast By 2031

Updated On: 29 April 2024

Music Streaming Subscription Service Market Report Overview

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The global music streaming subscription service market size was USD 33440.03 million in 2022, as per our research, the market is expected to reach USD 198014.27 million in 2031, exhibiting a CAGR of 21.85% during the forecast period. 

The global Covid-19 pandemic has been unprecedented and staggering, with the music streaming subscription service market experiencing lower 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 once the pandemic is over. 

A music streaming subscription service is a platform that allows users to access and stream a vast library of music for a monthly fee. This service typically provides users with on-demand access to millions of songs from various artists, genres, and eras. Users can access the service through a web browser or a dedicated mobile app, and they can listen to music online or download it for offline listening. Music streaming subscription services offer various features, including personalized playlists, radio stations, recommendations based on listening habits, and social sharing.

Popular music streaming subscription services include Spotify, Apple Music, Tidal, and Amazon Music. These services offer a range of subscription plans with different features and pricing options, such as ad-supported free plans, student plans, family plans, and premium plans that offer ad-free, high-quality audio streaming, and exclusive content. Music streaming subscription services have revolutionized the music industry by providing users with a more convenient and affordable way to access and discover new music. They have also helped to reduce music piracy by making legal music access more accessible and affordable.

COVID-19 Impact: Pandemic Hamper the Demand of Music Streaming Subscription Service to Market Growth

The COVID-19 pandemic has had a significant impact on the music streaming subscription service industry. While it has presented many challenges, it has also created some opportunities for the industry to adapt and innovate. Pandemic on music streaming subscription services has been an increase in usage. With people staying at home and social distancing, many have turned to music streaming services for entertainment and relaxation. This has led to a surge in the number of subscribers and the number of hours of music streamed, as people spend more time listening to music at home. 

Latest Trends

"Live Audio Streaming in the Music Streaming Subscription Service to Boost Market Growth  "

Live audio streaming is quickly emerging as the latest trend in the music streaming subscription service market. With the rise of social audio platforms like Clubhouse and Twitter Spaces, music streaming services are now exploring the potential of live audio streaming to enhance user engagement and offer more immersive experiences. Live audio streaming allows users to listen to and participate in live events, such as concerts, interviews, and discussions, in real-time. Music streaming services are leveraging this trend to provide users with new ways to discover and interact with their favourite artists, as well as to connect with other music enthusiasts. 

Music Streaming Subscription Service Market Segmentation

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• By Type Analysis

According to type, the music streaming subscription service market can be segmented into audio music streaming and video music streaming.

In terms of type, the audio music streaming is anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the music streaming subscription service market can be divided into individual users and commercial users.

In terms of application, the individual user’s market is projected to hold the largest music streaming subscription service market share through 2031.  

Driving Factors

"Increasing Internet Penetration and Smartphone Adoption Will Propel Market Growth "

The increasing availability of high-speed internet and the rising adoption of smartphones worldwide have made it easier for consumers to access and consume music on the go. With the growth of digital technology, consumers are increasingly preferring digital media over physical media. As a result, music streaming services are becoming more popular than traditional methods of music consumption such as CDs or digital downloads.

"Convenience and Accessibility Will Drive Market Growth  "

Music streaming services offer a high level of convenience and accessibility to consumers, allowing them to access their favorite music from anywhere and at any time. This factor has led to a significant increase in the popularity of music streaming services. The rise in disposable income across the globe has led to an increase in demand for music streaming services. Consumers are willing to spend more on entertainment, including music, due to their higher purchasing power.

Restraining Factors

"Licensing and Royalty Costs Will Limit Market Growth "

Music streaming services have to pay a significant amount of money for licensing and royalties to record labels and artists. The high costs of these fees can impact the profitability of music streaming services and limit their ability to offer competitive pricing. The availability of free music streaming services, such as YouTube and SoundCloud, can be a significant challenge for paid music streaming services. Consumers may choose to use free services rather than paying for a subscription, which can limit the growth of paid music streaming services. 

Music Streaming Subscription Service Market Regional Insights

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"The North America Region will Dominate Market Due to Strong Demand of Smartphone and Internet Penetration "

North America is one of the largest markets for music streaming services, with the United States being the largest contributor to the market. The region has a high level of internet penetration and smartphone adoption, making it easier for consumers to access and consume music on the go. Major players in this region include Spotify, Apple Music, and Amazon Music.

Europe is a significant market for music streaming services, with countries like the United Kingdom, France, and Germany being the major contributors to the market. The region has a high level of disposable income and a strong music culture, which has helped drive the growth of music streaming services. Major players in this region include Spotify, Deezer, and Tidal.

Key Industry Players

"Adoption Recycling Services by Key Players Influencing Market Development"

The top key players in the music streaming subscription service market are Netease Music, Tencent Music, Deezer, MelON, YouTube Music, Apple Music. Most of the top players hold the music streaming subscription service market share. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the music streaming subscription service market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the music streaming subscription service market.  

List of Market Players Profiled

• Netease Music (China) 
• Tencent Music (China)
• Deezer (France)
• MelON (South Korea)
• YouTube Music (U.S.)
• Apple Music (U.S.)
• SoundCloud (Germany)
• Spotify (Sweden)
• Pandora (U.S.)
• Tidal (U.S.)
• Amazon Music (U.S.)

Report Coverage

This report examines an understanding of the music streaming subscription service market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.