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Music and Streaming Services Market

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

Music and Streaming Services Market by Services, Platform, Content Type & Region - Forecast 2022 - 2032

Music and Streaming Services Market Overview 2022 - 2032

The music and streaming services market revenue by the end of 2021 was US$ 24.5 Bn. The market is expected to reach US$ 98.5 Bn by 2032, as it is estimated to grow at a CAGR of 13.6% for 2022-2032.

Estimated Year (2022) Market Value

US$ 27.4 Bn

Projected Year (2032) Market Value

US$ 98.5 Bn

CAGR% (2022-2032)

13.6%

Top 5 Vendor Market Share

Around 45%

Music and streaming refers to the software solutions and services that allow the end users to listen to music in both audio and video format and consume various different forms of audio content like podcasts and story narrations on a certain platform.

Music and streaming services market is neatly 35% of the global digital content market.

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2017-2021 Music and Streaming Services Market Demand Outlook Compared to 2022-2032 Forecast

Music and streaming services market is estimated to grow at a CAGR of 13.6% for the forecast period.

The music and streaming market is expected to grow at a strong CAGR of 13.6% during the forecast period, owing to factors such as the penetration of smart phone and smart home devices that allow users to consume music and audio-based content, as well as the penetration of cross-cultural music across different countries and cultures, such as the rising popularity of K-pop music outside of South Korea and growth in South Indian content and movies across the rest of the Indian states.

Large Demand from Consumers for Music and Audio Based Content

People like listening to music and tend to do so on repeat. This demand is the foundation of the entire music industry and the streaming services market. Streaming services allow easy access to wide variety of music, attracting people to these platforms. Over the years there has also been a growth in the consumption of audio books, podcasts and various other audio based content among end consumers.

Sudip Saha
Principal Consultant
LinkedIn
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Regional Analysis

North America was the region estimated to hold the largest market share in 2021 of 24.3% and South Asia and Pacific is estimated to be the fastest growing region for music and streaming services market with a CAGR of 14.5% for the forecast period.

North America has a large population and many of the people formulate the population belong to various ethnic backgrounds and countries due to which English content or North American content is not the content consumed in this region. Technological advancements and availability of the technologies needed for music and streaming platforms, allow this region to have the largest market share for the music and streaming services market.

South Asia and the Pacific are estimated to be the fastest-growing regions because of the growth in population that is estimated to be witnessed in this region over the following years, along with the penetration of technology and the internet.

Country wise insights

US has a Market for the Languages from All Across the Globe, allowing it to be a Strong Market

US has a large population, that has presence of numerous consumer electronics that could be used for music market and streaming services platforms. Primary languages spoken in US are English and Spanish, and is a country where numerous people have immigrated to from a different region, allowing this country to have consumers of music and audio content of various different languages. Allowing US to have a market share of 18.1% for 2021.

India’s Multi-Lingual Content Consumption Could Assist the Positive Growth of the Music and Streaming Services

India is the second-most populated country in the world, and the population is estimated to continue growing for the foreseeable future. Along with the population, there has been a penetration of the internet and smartphones in this country. There are numerous languages spoken in this country, creating a demand for content in vernacular language, and there is also a market that consumes music and audio content in foreign languages, such as English, Japanese, and Korean. For these reasons, India has the CAGR of 13.4% for the forecast period.

China Is a Great Market for Music and Streaming Services, however it Has Numerous Hurdles and Restrictions

China has the most people and is one of the countries with the most smartphone and internet users. The primary content consumption is in Mandarin, and foreign languages like English are not spoken so widely, reducing the potential for the consumption of music and audio content that is not in Mandarin or will have to be translated to the language.

The government, however, has strong regulations on the entertainment industry and what content the people of the country are exposed to, acting as a strong barrier to the growth of the music and streaming services.

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Category wise Insights

Why Live Streaming Is Estimated to Grow at a Faster Rate in the Music and Streaming Services?

Live streaming has been accepted and is being leveraged as a tool for providing content to end consumers that engages them in a better fashion. Several podcasters have adopted the trend of live streaming their podcasts; this allows them to interact with their audience and address their questions, comments, and queries.

Live streaming also allows end users to witness moments as they happen in real time, allowing this type of content to grow in popularity and the live streaming segment to grow at a CAGR of 14.5%.

Which Applications Have the Largest Market Share in Music and Streaming Services by Platform?

Applications are widely used on smartphones, and smartphone penetration across the globe has been widely successful. Some of these smartphones already include built-in apps that work in tandem with iOS devices, such as Apple Music and iTunes.

These applications provide better user experience than their browser counterparts and this has allowed the applications to have the larger market share of 52.3% in 2021.

Why Video Content has the Greater Market Share by Content Type for Music and Streaming Services Market?

Video content has more to offer the end user than audio-based content. Video content can contain images, graphics, written content, human expressions, and graphs that communicate better to the end users. The video content also creates the opportunity to communicate via animations, which cannot be done through audio. For these reasons, video streaming held a larger market share of 51.8% in 2021.

Competitive Landscape

There are several companies that offer music and streaming services. However, there is certain scope to differentiate in this market; this can be done on the basis of different languages, genres of music, and content.

  • In October 2022, SoundCloud launched its music bot for the online chat platform, Discord. Through the bot, Discord users will be able to browse through the music catalogue on SoundCloud and discover new music based on tags, mood, and genre.
  • In July 2022, Spotify acquired Heardle, an online music game in which the players have to guess a song in six attempts based upon the opening notes of the song. Although Spotify does not intend to make any serious changes to the game, the players would be able to listen to the complete song on Spotify after completing the round.

Scope of report

Attribute

Details

Market value in 2021

US$ 24.5 Bn

Market CAGR 2022 to 2032

13.6%

Share of top 5 players

Around 48%

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

USD Billion for Value

Key Regions Covered

North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa

Key Segments Covered

Services, Platform, Content Type and Region

Key Companies Profiled

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Music and Streaming Services Market by Category

By Services:

  • On-Demand Streaming
  • Live Streaming

By Platform:

  • Applications
  • Browsers

By Content Type:

  • Audio
  • Video

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Frequently Asked Questions

Some leading of the music and streaming services market are Spotify AB, SoundCloud, LiveOne and Tidal.

South Asia and Pacific is estimated to have the highest growth for the music and streaming services market during the forecast period of 14.5%.

The end user requirement for easy access to music and audio based content.

On-demand streaming had the largest market share for the music and streaming services market of 57.8% in 2021.

Live streaming has the highest CAGR of 14.5% for the forecast period.

A: U.K, U.S.A, Japan, China and India re top 5 countries for music and streaming services.

The market share of South Asia and Pacific for the year 2021 for the music and streaming services market was 19.6%.

North America had a market share of 24.3% in 2021 for music and streaming services market.

India has the highest CAGR for the forecast period, which is 13.4%.

The estimated market value for music and streaming services market for the year 2022 is US$ 30.8 Bn.

For East Asia region, the CAGR for the forecast period is estimated to be 12.1% for the music and streaming services market.

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Sudip Saha
Principal Consultant
LinkedIn
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Music and Streaming Services Market