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Music Market and Streaming Services Market

Market Insights on Music covering sales outlook, demand forecast & up-to-date key trends

Music Market and Streaming Services Market By Service (Live Streaming, On-demand Streaming), Platform (Browsers, Apps), Content Type (Video, Audio), End Use (Commercial, Individual) & Region - Forecast 2022-2032

Music Market and Streaming Services Market Overview

Global Music Market and Streaming Services demand is anticipated to be valued at US$ 22.9 Billion in 2022, forecast to grow at a CAGR of 18.4% to be valued at US$ 25.8 Billion from 2022 to 2032. The availability of subscriptions, as well as free services with the inclusion of advertisements is set to propel the demand for music market and streaming services.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 21.5 Billion

Expected Market Value (2022)

US$ 22.9 Billion

Anticipated Forecast Value (2032)

US$ 25.8 Billion

Projected Growth Rate (2022-2032)

18.4% CAGR

Music streaming services are referred to those platforms that enable users to watch music videos, listen to podcasts, and stream audios. These platforms provide various features, such as hassle-free accessibility on applications, song recommendations, browsers, and auto customization of the playlist.

These services allow users to download songs for offline playback. Some of the newly launched services enable users to upload their own music playlists to the cloud which is often called the ‘music locker.’

Numerous service providers are nowadays offering a free trial run of their premium subscriptions for a certain period of time. Other promotional offers, such as price cuts in subscription models and free monthly trials, especially in developing countries are expected to fuel the sales of music market and streaming services.

Which are Some Prominent Drivers Spearheading Music Market and Streaming Services Market Growth?

The sudden outbreak of the COVID-19 pandemic in December 2019 resulted in the rising number of collaborations among music artists. This is anticipated to create new growth opportunities for companies operating in the market via subscriptions and advertisements.

The rapid shift of various companies towards the collection of artist data for attracting similar musicians in each country is expected to drive the market. They are striving to target local users and surge their return on investment through this strategy.

The rising adoption of smart devices and the high popularity of several innovative digital platforms worldwide are anticipated to positively affect the sales of music market and streaming services in the near future. The growing popularity of the podcast genre among millennials owing to the emergence of numerous creators who are discussing undebated global scenarios is likely to augur well for the market.

In February 2022, for instance, LinkedIn, an employment-oriented online service, launched ‘LinkedIn Podcast Network’ to host a wide range of shows related to the latest professional trends. Listeners will be able to stream these podcasts via audio providers, such as Spotify and Apple Podcasts. The introduction to similar other podcast channels and platforms by leading players is expected to boost the growth.

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What are the Challenges Faced by the Music Market and Streaming Services Industry?

Various concerns associated with the privacy and security of user databases may hamper the growth in this market in the upcoming years. To tackle these threats, governments of several countries are trying to bring the industry under strict norms.

In October 2018, the U.S. legislation signed a new law called the Music Modernization Act to upgrade copyright-related issues for audio and music recordings because of new forms of technology, mainly digital streaming. The ongoing implementation of similar laws by regulatory bodies can help the market to grow at a steady pace.

Why is North America Emerging as an Opportunistic Music Market and Streaming Services Market?

North America is expected to remain at the forefront in the music market and streaming services market throughout the forthcoming years. The presence of a large number of prominent companies, such as Pandora Media, Inc., Google LLC, Apple, Inc., and Amazon.com, Inc. in the U.S. is one of the significant factors that is set to drive the demand for music market and streaming services in this region.

The easy availability of connected devices, fixed broadband speeds and coverage, and the presence of a well-established digital payment infrastructure are some of the other factors that are likely to spur the growth in this region. Many service providers are also investing huge sums in the development of cutting-edge platforms for usage in vehicles.

In February 2022, for instance, Spotify announced the availability of Car Thing, a smart music and podcast player that can provide a more personalized and seamless in-car listening experience in the U.S. for US$ 89.99. It features voice commands, swipes, turns, and simple taps. The increasing launch of such innovative products in the U.S. is anticipated to augment the market in North America.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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How is Europe Contributing to Growth of the Music Market and Streaming Services Market?

The rapid shift of people towards smartphones in Europe is likely to change their internet consumption patterns, which is set to bolster the music market and streaming services market share in the assessment period. The rising number of new customers, especially in the U.K., Germany, and Italy owing to the increasing inclination from the conventional generations of music distribution, such as digital downloads and physical sales is anticipated to augment the growth.

The development of unique platforms with the personalized playlist feature in Europe where users can merge music recommendations with news and talk shows, is set to bode well for the market. These platforms are specially designed for in-car consumption and they resemble the format of music radios.

Market Competition

Some of the key participants operating in the global music market and streaming services market include Tidal, SoundCloud Limited, Spotify AB, Google LLC, Tencent Music Entertainment Group, Apple, Inc., Pandora Media, Inc., Deezer, and Amazon.com, Inc.

Majority of these key players are focusing on integrating their platforms with Machine Learning (ML) and Artificial Intelligence (AI) to provide a personalized streaming experience to users. Meanwhile, some of the other leading music streaming providers are aiming to develop professional-sounding and high-quality applications to cater to the demand for real-time music.

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Report Scope

Report Attribute

Details

Growth Rate

CAGR of 18.4% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Service
  • Platform
  • Content Type
  • End Use
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Tidal
  • SoundCloud Limited
  • Spotify AB
  • Google LLC
  • Tencent Music Entertainment Group
  • Apple, Inc.
  • Pandora Media, Inc.
  • Deezer
  • Amazon.com, Inc.

Customization

Available Upon Request

Key Segments Profiled in the Music Market and Streaming Services Industry Survey

Service:

  • Live streaming
  • On-demand streaming

Platform:

  • Browsers
  • Apps

Content Type:

  • Video
  • Audio

End Use:

  • Commercial
  • Individual

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

FMI projects the global music market and streaming services market to expand at an 18.4% value CAGR by 2032.

North America is expected to be the most opportunistic music market and streaming services market.

Apple, Inc., Spotify AB, SoundCloud Limited, Tidal, Google LLC, and Deezer are some of the prominent music and streaming services providers.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Music Market and Streaming Services Market