Major players in the music streaming market are Amazon, Apple, Spotify, Gaana, SoundCloud, YouTube Music, Tidal, Deezer, Pandora, Sirius XM Holdings, iHeartRadio, Aspiro, Tencent Music Entertainment, Google, Idagio, LiveXLive, QTRAX, Saavn, Samsung, Sony Corporation, TuneIn, JOOX, NetEase, Kakao and Times Internet.
The global music streaming market grew from $27.29 billion in 2022 to $30.99 billion in 2023 at a compound annual growth rate (CAGR) of 13.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The music streaming market is expected to grow to $52.47 billion in 2027 at a CAGR of 14.1%.
The music streaming market includes revenues earned by entities by in-person, hybrid and virtual music streaming.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The music streaming feed audio content directly into the device, personal computers (PC), or mobile devices, without the need of downloading files from the internet.It is offered through a web-based or application-based service.
Users can also download music for offline listening and upload their soundtrack to the cloud using these services.
North America was the largest region in the music streaming market in 2022. The regions covered in the music streaming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of services provided by music streaming are on-demand streaming and live streaming.The on-demand streaming are the service in which a consumer requests the music according to his convenience.
In on-demand streaming, music can be rewind, fast-forwarded, or paused as per the consumer demands.Music streaming offers audio and video content through application-based platform or web-based platform.
Music streaming services are provided by revenue channels such as non-subscription and subscription and are used for individual use or commercial use.
The increasing adoption of smart devices is expected to propel the growth of the music streaming market.Smart devices such as smartphones, and smart speakers have changed the way of listening to music.
They include smart features like the ability to set alarms, play music on voice command, control smart devices in-home, and stream live music, as they are powered by a virtual assistant. For instance, according to statistics from Amazon Alexa 2020, nearly 53.6 million Amazon Echo speakers (smart speakers) were sold in 2020 which increase to 65 million in 2021. Therefore, the increasing adoption of smart devices will drive the growth of the music streaming market.
Artificial intelligence and machine learning in music streaming devices are the key trends in the music streaming market.Technologies like artificial intelligence and Machine learning enhance the music streaming experience by increasing storage and improving the search recommendations, improving the overall experience.
For instance, in January 2022, Gaana, an India-based music streaming app introduced a new product feature using artificial intelligence to enhance the music listening experience for its listeners. The app will modify music preferences using artificial intelligence to suit a person’s particular occasion or daily mood.
In May 2022, SoundCloud, a Sweden-based music streaming platform, announced the acquisition of Musiio, for an undisclosed amount.Through this acquisition, SoundCloud aims to strengthen its capabilities in AI and identify upcoming music trends and talent by leveraging its vast data.
Musiio is a Singapore-based music technology start-up that uses AI for music streaming and automatically tag and identify songs.
The countries covered in the music streaming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The music streaming market research report is one of a series of new reports that provides music streaming market statistics, including music streaming industry global market size, regional shares, competitors with an music streaming market share, detailed music streaming market segments, market trends and opportunities, and any further data you may need to thrive in the music streaming industry. This music streaming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.