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Music Streaming Market Analysis by Service Type (On-demand Streaming, and Live Streaming); by Platform (Apps, and Browsers); by Content Type (Audio, and Video); and by End User (Individual, and Commercial) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  •  Spotify and Samsung’s partnership has allowed the users to connect their devices for a seamless musical experience. Galaxy Watch5, Galaxy Watch5 Pro, and Galaxy Buds2 are enabled with Spotify Tap that allows you connect and stream music effortlessly.
  • SoundCloud, Inc. and Repost Network Inc. has acquired Musiio, to expand the company’s existing music intelligence capabilities and allow to further leverage its vast data to identify what’s next in music trends and talent.

Global Music Streaming Market Highlights Over 2023 - 2033

Base Year   

2022

Forecast Year

2023-2033

CAGR

~15%

Base Year Market Size (2022)

~USD 20 Billion

Forecast Year Market Size (2033)

~USD 25 Billion

The global music streaming market is estimated to garner a revenue of USD 25 Billion by the end of 2033 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 20 Billion in the year 2022. The primary growth factors of the music streaming market are attributed to the expansion of the music industry and a rise in the number of music streaming subscribers across the world. Latest reports suggest that the number of music streaming users soared from nearly 300 million in 2019 to 525 million in 2021 worldwide

Music-Streaming-Market-Size

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The increasing emphasis on curating platforms where people can browse music videos, podcasts, and stream videos is expected to boost the global music streaming market during the assessment period. The high involvement of people in the music industry is thus forecasted to fuel the market growth. In the United States, there are approximately 105,000 musical groups and music artist employees as of 2022, with an annual employment growth of 4% from 2017 to 2022.

Market Definition

Music streaming 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. Some other features such as the ability to upload own music playlists to the cloud, free trial run of their premium subscriptions for a certain period of time, price cuts in subscription models and free monthly trials, are some of factors that are expected to augment the market growth.

Global Music Streaming Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in the Music Industry – Music streaming services allows the users various benefits such as seamless music streaming every minute, hassle-free accessibility, personalized customization, free trials and many others. All the great features are forecasted to propel the market growth which is further anticipated to expand the music streaming market size in the future. Latest reports suggest that the global music industry gathered almost USD 29 billion in 2021, an increment from 2018 with USD 18 billion.
  • Increased Preference of Streamed Music – The modern music community has been focusing on offering a personalized experience with high-quality music preferences as per the user. This has pushed users to consume streamed music, which is forecasted to bring lucrative opportunities for the key players in the market. As per calculations done in 2022, it was estimated that approximately 80% of the global population listens to music using music streaming services.
  • Penetration of Smart Phones – The latest reports stated that in 2021, there were almost 15 billion mobile devices operating worldwide, up from 14 million in the previous year. This number is further expected to surpass 18 billion by 2025.
  • Rising Digitization – Recently, it has been estimated that 60% of global gross domestic product (GDP) is anticipated to be digitized by 2022. Also, till 2018, companies all over the world have invested more than 1 trillion in digital transformation efforts.

Challenges

  • Privacy and Security Concerns
  • Rising Copy-right Issues
  • Digital Gap in Various Areas

The music streaming market is segmented and analyzed for demand and supply by service type into on-demand streaming and live streaming. Out of these, the on-demand streaming segment is attributed to garner the highest market share by 2033, owing to its high demand among the population. Recent data from 2022 stated that in the United States there are almost 82 million paid subscribers to on-demand music streaming.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Music Streaming Market Regional Synopsis

Regionally, the global music streaming market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033. The primary growth factor of the music streaming market in the region is attributed to the presence of major key players. Further, the rise in music streaming users in the region is considered to be another growth factor in the market. The latest statistics revealed that the music streaming segment in the United States is estimated to have around 155 million users by 2027. The user penetration in the region was also calculated to be 35% in 2022, which is forecasted to hit 45% by 2027. Additionally, the increased preference for listening to music among the population is expected to bring in growth opportunities in the market. As per a latest report published in 2022, it was calculated that Americans stream almost one trillion songs per year.

Music-Streaming-Market

The global music streaming market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global music streaming market includes the following segments:

By Service Type

  • On-demand Streaming
  • Live Streaming

By Platform

  • Apps
  • Browsers

By Content Type

  • Audio
  • Video

By End User

  • Individual
  • Commercial

Top Featured Companies Dominating the Global Music Streaming Market

  • Spotify
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Aspiro AB
  • SoundCloud, Inc. and Repost Network Inc.
  • Google LLC
  • Tencent Music Entertainment Group
  • Apple Inc.
  • Pandora Media, LLC
  • Deezer
  • Amazon.com, Inc.
  • TuneIn, Inc.

 

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