Global Music Streaming Market Size, Share, Growth Analysis, By Service(On-demand Streaming, and Live Streaming), By Platform(Apps, and Browsers), By Content Type(Audio, and Video), By End-use(Individual, and Commercial) - Industry Forecast 2023-2030

Global Music Streaming Market size was valued at USD 29.45 billion in 2021 and is poised to grow from USD 35.53 billion in 2022 to USD 103.07 billion by 2030, at a CAGR of 14.7% during the forecast period (2023-2030).

The anticipated period is poised to witness a significant surge in the adoption of smart devices and digital platforms, propelling the growth of music streaming services. Platforms facilitating music video viewing, audio listening, and podcast subscriptions are gaining popularity due to features such as automatic playlist customization, song recommendations, and seamless accessibility across apps and browsers. The market is further expanding with the proliferation of diverse podcast genres on these platforms. Notably, the global industry is experiencing a major breakthrough with the widespread adoption of 5G connectivity. Capitalizing on this trend, Amazon has introduced a music HD service offering lossless audio streams and downloads in the United States, the United Kingdom, Germany, and Japan. The advent of 5G is expected to enable companies to deliver high-fidelity musical streams at significantly faster speeds, fostering the market's growth. Emerging technologies like hologram concerts, virtual reality (VR), and augmented reality (AR) are predicted to gain popularity in live streaming music videos, contributing to the industry's accelerated expansion. Music streaming services are also enhancing user experiences by integrating podcasts, song lyrics, and music videos onto their platforms. Noteworthy collaborations, such as the partnership between Spotify AB and Netflix, Inc., are shaping the landscape by providing consumers with exclusive music, playlists, and content. In a strategic move, SoundCloud Limited has acquired Report Network, a music distributor with a focus on SoundCloud, to offer innovative creators access to invite-only services and features like content protection, analytics dashboards, and streaming delivery. These developments underscore the dynamic evolution of the music streaming market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Music Streaming Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Music Streaming Market Segmental Analysis

The global music streaming market is categorized on the basis of service, platform, end-use, content type, and region. Based on service the market is segmented on-demand streaming, live streaming. Based on platform the market is segmented into apps, browsers. Based on content type the market is segmented into audio, video. Based on end-use the market is segmented into individual, commercial. Based on region the global music streaming market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Music Streaming Market

The surge in popularity of subscription-based music streaming services, wherein users pay a monthly or annual fee for unrestricted access to music, is evident. The attractiveness of these models, driven by their affordability and compelling value propositions, coupled with the convenience they afford users, has been a key catalyst for the expansion of the music streaming market.

Restraints in the Global Music Streaming Market

The music streaming industry operates within the framework of intricate copyright laws and licensing agreements. Acquiring the necessary rights to stream music from diverse artists and record labels is both a costly and intricate process. This complexity can lead to constraints on the available music catalogs for streaming platforms, potentially exposing them to legal challenges.

Market Trends of the Global Music Streaming Market

The dominance of subscription-based music streaming services persists as consumers increasingly opt for paid subscriptions, attracted by benefits such as ad-free music streaming, offline listening, superior audio quality, and exclusive content. The popularity of subscription models is fueled by their convenience, affordability, and overall value proposition. Personalization has emerged as a key driver of user engagement, with music streaming platforms utilizing advanced algorithms and artificial intelligence to analyze user preferences, listening habits, and contextual data. This analysis enables platforms to offer personalized music recommendations and curated playlists tailored to individual tastes. Podcasts have witnessed a surge in popularity within the music streaming market, leading platforms to invest in original podcast content, partnerships, and acquisitions to enrich their audio content offerings. The integration of podcasts with music streaming services provides users with a diverse array of audio entertainment options. To stand out in the competitive landscape, music streaming platforms are placing emphasis on securing exclusive content deals and artist collaborations. Exclusive album releases, live performances, and special content contribute to user acquisition, engagement, and loyalty by delivering unique and exclusive experiences to subscribers.