Music Streaming Market size was valued at USD 40.51 Billion in 2023 and is projected to exceed USD 221.37 Billion by the end of 2036, expanding at over 14.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of music streaming is evaluated at USD 46.25 Billion.The primary growth factors of the 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.
The increasing emphasis on curating platforms where people can browse music videos, podcasts, and stream videos is expected to boost the 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
14.2% |
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Base Year Market Size (2023) |
USD 40.51 Billion |
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Forecast Year Market Size (2036) |
USD 221.37 Billion |
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Regional Scope |
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Service Type (On-demand Streaming, Live Streaming)
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 2036, 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.
Our in-depth analysis of the global market includes the following segments:
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By Service Type |
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By Platform |
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By Content Type |
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By End-User |
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The North America market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. 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.
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.
Author Credits: Abhishek Verma
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