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
Buy Now
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.
Get more information on this report:Download Sample PDF
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.
|
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 |
|
Regional Scope |
|
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
The global 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. On-demand streaming music is rising among the new generation owing to its latest and demand among themselves. Recent data from 2022 stated that in the United States there are almost 82 million paid subscribers to on-demand music streaming.
The North America market, amongst the market in all the other regions, 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.
Our in-depth analysis of the global music streaming market includes the following segments:
|
By Service Type |
|
|
By Platform |
|
|
By Content Type |
|
|
By End-User |
|
Spotify
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The expansion of music industry along with music streaming users are some of the factors that are expected to propel the market.
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023 – 2033.
Ans: The rising concern of security and privacy coupled with fluctuation in network connectivity and increased copyright issues are some of the factors that are expected to hamper the market.
Ans: The market is North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Spotify, 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., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service type, platform, content type, end users and by region.
Ans: The individual segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
