NEW YORK, Nov. 13, 2023 /PRNewswire/ — The music streaming market is estimated to grow by USD 31,101.37 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 15.67% during the forecast period. The increasing introduction of differentiated music streaming services is an emerging trend influencing the music streaming market growth. Providers increasingly introduce differentiated music streaming services in the music streaming market. Providers including YouTube Music, Pandora, Spotify, Deezer, and Tidal provide multiple features such as easy cross-platform access, automatic playlist customization, and high-quality sound. Thus, the increasing adoption of differentiated music streaming services is one of the key trends driving the growth of the market during the forecast period. Ready to identify and target your ideal customer get our segmentation report now? Download the sample report now!
Music Streaming Market Insights –
- Vendors: 15+, Including Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Type (Free and Paid), End-user (Individual users and Commercial users), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
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Music streaming market – Segmentation
The market is segmented by type (free and paid), end-user (individual users and commercial users), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The market share growth by the free segment will be significant for overall market growth during the forecast period. The segment is expected to grow moderately during the forecast period. It is an ad-based service that providers use to generate revenue by serving ads during music streaming or when users make paid in-app purchases.
Music streaming market – Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc.
Music Streaming Market – Market Dynamics
Major Driver –
- Increasing preference for music streaming services notably drives the growth of the music streaming market. Young consumers in the 18-40 age group prefer free music through platforms. Pandora offers paid subscriptions. However, its channel is free to access and has a large customer base as it supports almost all operating systems, such as Android, IOS, and Windows. Hence, such factors drive market growth during the forecast period.
Key challenges –
- Lack of ownership in music streaming is a major challenge hindering the music streaming market growth.
- Publishing music digitally is an integral part of music publishing and the music streaming market is a proprietary market.
- Music streaming market dynamics are defined by subscription-based licenses, which give consumers access to massive song collections.
- One of the major downsides of music streaming services is that subscribers can’t own their music.
- Moreover, not all music streaming service providers allow music downloads, requiring consumers to be connected to the internet to stream music.
- Hence, such challenges impede the market growth during the forecast period.
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The music streaming market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this Music Streaming Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the music streaming market between 2023 and 2027
- Precise estimation of the size of the music streaming market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the music streaming market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of music streaming market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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