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Global Music Streaming Market By Type of Streaming (Live Streaming and On-Demand Streaming), By Content Type (Audio Streaming and Video Streaming), By End-User (Residential and Commercial), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)-Global Forecast to 2027
Global Music Streaming Market Overview:
Music Streaming is a way of delivering sound, including music, that does not require downloading files from the Internet. Music streaming is music online playback service. Music data is stored on the server of the music platform. Most streaming music services have some underlying commonalities, such as allowing anyone to create customizable channels. These platforms are rapidly changing from streaming music services to overall streaming audio services. Streaming media has formed an integrated music communication system with other internet services such as social networks, allowing listeners to form a global real-time-wide linkage for the first time.
Global Music Streaming Market Insights
The global music streaming market anticipated to grow at a CAGR of 17.57% during the forecast period, 2020-2027. The significant factors are the rising trend for linking music apps with social media apps. Additionally, the surge in digitalization and growth in the adoption of digital music will spur the global music streaming market size in the upcoming periods. The swelling up-gradation in the technology is projected to raise the demand for music streaming among smartphone users.
The growing penetration of the Internet and swelling adoption of smartphones and laptops complemented by the increasing volume of the millennial population will boom the growth of the music streaming market in the forecast span. Moreover, the increased penetration of smartphones and tablets across the world will complement the global music streaming industry growth in the analysis timeframe. The growth in mobile advertising and the popularity of subscription services will bolster the robust growth in the global music streaming market in the estimated periods. Additionally, technological developments such as voice recognition technologies’ evolution to enhance consumer experience will influence the growth of the global music streaming market in the coming years. The streaming of songs through audio and video platforms across the globe will boost industry growth.
Growth Driver
Growth in the adoption of digital music
Digital music refers to music stored in a digital format and transmitted on the Internet. The development is mainly driven by the trend of the genuine nation and the awareness that users can pay for music content. The establishment of streaming music is still in its infancy, and users are still used to downloading music locally for listening. From the perspective of users’ use of digital music platforms, the sharing of music and personalized recommendation functions have improved. Simultaneously, with the popularization of streaming media, users’ behavior to download music will be further reduced, which helps stimulate users to continue to pay for music.
COVID-19 Impacts Insights
In the outbreak of COVID-19 pandemic, physical sales of music, which represent a quarter of recorded music revenues, are down by about one-third while digital sales have fallen around 11%. The growing consumption and spending habits have changed. While some consumers take on more subscription services at home, others have opted to subscribe under financial pressure. The services are offering a free-to-consumer, ad-funded model until the economy recovers.
Type of Streaming Segmental Analysis
By type of streaming, the global online music streaming market segregated into live streaming and on-demand streaming. The on-demand streaming segment estimated to witness the highest growth over the analysis timeframe due to the growing introduction of audio music streaming applications and offering advanced features with its subscription-based music streaming applications.
The live streaming will grow at a significant rate during the forecast period due to the introduction of the subscription-based music streaming option by music providers companies.
Content-Type Segmental Analysis
Based on the content type, the global music streaming market categorized into audio streaming and video streaming. The video streaming segment held for a significant market share in 2019 and will witness to gain maximum market revenue by 2027. It is attributable to the low cost associated with the advertisements showcased over free video music streaming applications.
The audio streaming segment is poised to witness significant growth over the forecast period. Due to the growing volume of audio music streaming service subscribers, the rising trend of listening to music has fueled the music enthusiasts’ ability to opt for music streaming services.
End-User Segmental Analysis
Based on the end-user, the global music streaming market classified into residential and commercial. The residential segment is expected to be the highest revenue share for music streaming during the forecast period. The segment’s growth is primarily attributed to the increasing consumer disposable income and swelling adoption of advanced consumer electronic devices, including smartphones and laptops.
Region Segmental Analysis
By geography, the global music streaming market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to project considerable growth over 2020-2026. It is due to the availability of resources for offering advanced music streaming experience to the end-users, high adoption of digital music in the U.S., and the surge in disposable income of the end-users.
The Asia Pacific will capture a prominent share of the Music Streaming market by 2027. Due to the increasing adoption of free music streaming applications such as JOOX, Saavn, Gaana, etc., across various countries in the region.
Competitor Analysis
Companies such as Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, IHEARTMEDIA, INC., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., Spotify Technology SA, Pandora, SoundCloud, JOOX, and Amazon Music are the key players in the global music streaming market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Music Streaming service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to music streaming
- Regulatory bodies
Recent Developments
- In August 2021, Moodagent offered technology that allows users to create a personalized playlist reflecting their mood and vibe.
- In August 2021, Vodafone Idea, in partnership with a leading content provider, announced the launch of a music streaming service available to prepaid and postpaid consumers.
- In August 2021, Moodagent launched in India to redefine the music streaming experience to offer users a dynamic and personalized streaming experience.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type of Streaming
- Live Streaming
- On-Demand Streaming
By Content Type
- Audio Streaming
- Video Streaming
By End-User
- Residential
- Commercial
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Global Music Streaming Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 on global Music Streaming Market
- Economic Factor Analysis
- Global Music Streaming Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- Demand
- Market Size & Forecast, 2016-2027
- Market Share & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type of Streaming
- North America Music Streaming Market Overview
- North America Music Streaming Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- North America Music Streaming Market Share & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Country
- US
- Canada
- Mexico
- Price-Point Analysis
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Music Streaming Market
- By Type of Streaming
- Demand
- North America Music Streaming Market Size & Forecast, 2016-2027
- Europe Music Streaming Market Overview
- Europe Music Streaming Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- Europe Music Streaming Market Share & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Price-Point Analysis
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Music Streaming Market
- By Type of Streaming
- Demand
- Europe Music Streaming Market Size & Forecast, 2016-2027
- Asia Pacific Music Streaming Market Overview
- Asia Pacific Music Streaming Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- Asia Pacific Music Streaming Market Size & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Price-Point Analysis
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Music Streaming Market
- By Type of Streaming
- Demand
- Asia Pacific Music Streaming Market Size & Forecast, 2016-2027
- South America Music Streaming Market Overview
- South America Music Streaming Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- South America Music Streaming Market Share & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Country
- Brazil
- Argentina
- Rest of South America
- Price-Point Analysis
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Music Streaming Market
- By Type of Streaming
- Demand
- South America Music Streaming Market Size & Forecast, 2016-2027
- Middle East & Africa Music Streaming Market Overview
- Middle East & Africa Music Streaming Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Users)
- Middle East & Africa Music Streaming Market Share & Forecast, 2016-2027
- By Type of Streaming
- Live Streaming
- On-Demand Streaming
- By Content-Type
- Audio Streaming
- Video Streaming
- By End-User
- Residential
- Commercial
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Price-Point Analysis
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Music Streaming Market
- By Type of Streaming
- Demand
- Middle East & Africa Music Streaming Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Alphabet Inc.
- Apple Inc.
- Comcast Corp.
- Deezer SA
- IHEARTMEDIA, INC.
- Microsoft Corp.
- Samsung Electronics Co. Ltd.
- Sirius XM Holdings Inc.
- Sony Corp.
- Spotify Technology SA
- Pandora
- SoundCloud
- JOOX
- Amaon Music
- Other Prominent Players
Frequently Asked Questions (FAQ):
The size of the video streaming market is estimated at USD 19.55 billion in 2020.
Globally, the music streaming market will grow at a CAGR of over 17.57% from 2021 to 2027.
Gaana, Wynk Music, Spotify, JioSaavn, YouTube Music, Amazon Music, Hungama Music, Apple Music are India’s best music streaming services.
Growth in the adoption of digital music, linking music apps with the social media apps sector are the factors driving the music streaming market.
Availability of resources to provide enhanced music streaming experience to end-users North America has accounted for the largest music streaming market share due to the high adoption of digital music in the U.S. and increased disposable income of end-users.
