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Music Streaming Subscription Services Market by Streaming Type (Audio Streaming, Video Streaming) by Service Type (On-demand Streaming, Live Streaming) by End-users (Residential, Commercial): Global Industry Size, Share, Statistics and Forecast 2015 - 2027

People involved in the music industry and technology devised a new outlet for music consumption: music streaming, in response to the decline of the general music industry, the rise of music sharing platforms such as Napster, and the atmosphere surrounding digital music downloads. These services charge users unlimited music downloads on various devices in exchange for an ad-supported or monthly membership. Spotify was founded in 2008 to release the potential of the human invention by allowing a million creative artists to earn a living while also allowing billions of fans to admire and be inspired by them. Music streaming subscription services had a market value of $ 19.3 billion in 2020, and it is expected to reach $ 39.9 billion by 2027 with a CAGR of 10.9% over the forecast period.

music streaming subscription services market

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Interesting Facts of Music Streaming Subscription Services Market.

  • Market expansion has been fuelled by technological advancements in the digital media industry.
  • The audio streaming sector is expected to have a larger market share throughout the forecast period.
  • The video streaming category will grow at a faster CAGR during the forecast period.
  • The residential sector is expected to grow at a faster CAGR during the forecast period.
  • During the forecast period, APAC will grow at the fastest CAGR.

COVID-19 Impact

The influence of the COVID-19 pandemic on the market is discussed throughout the report. The pandemic has had a favorable impact on the music streaming subscription services market. Music streaming subscriptions have surged as most individuals remain at home due to mandatory confinement measures and health safety compliances. According to industry analysts, most music streaming or associated marketplace suppliers have seen a 25%-35% growth in their consumer base due to the pandemic.

The video streaming segment is expected to grow at the fastest CAGR during the forecast period.

The music streaming subscription services market is divided into two categories: audio streaming and video streaming. The video streaming category is predicted to increase at the fastest CAGR throughout the projected period. Consumers can now access video music via various devices at any time and location—the increasing adoption of broadband technology and ongoing technological advances in the media and information and communication industries. As evidence of this trend, a number of countries have seen significant growth in internet-based video services, such as Over-The-Top, the most recent and potentially disruptive innovation in the media industry. As the digital transformation progresses, OTT is viewed as the next generation of media that will bring innovation and efficiency.

In 2020, North America will dominate the market.

North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America are the regions considered in the market study. Because of the rapid rise of cloud-based streaming services, North America will have the highest revenue share in 2020. Meanwhile, the European Union held a sizable market share. It is expected to rise gradually due to the large audience accessing online content. Asia Pacific is expected to grow at the fastest CAGR during the projection period due to the increasing use of mobile phones and tablets, rapid technological advancements, and the popularity of online streaming.

Global Music Streaming Subscription Services Market Key Players:

Some of the key players are Spotify AB, Apple Inc., Amazon.com, Inc., Tencent Music Entertainment Group., Alphabet Inc., Deezer, Sirius XM Radio Inc., SoundCloud Limited, TIDAL, Kakao Corp., iHeartMedia, Inc., Times Internet. Spotify's new user acquisition in India increased in October 2021 due to more original content. Spotify claims that the introduction of Originals & Exclusives (O&E) aided its growth in India and Latin America. According to the company, this helped acquire new customers in both regions. In the third quarter, Spotify launched 76 new O&E podcasts worldwide.

Frequently asked questions

The music streaming subscription services market is expected to grow from US$ 19.3 billion in 2020 to US$ 39.9 billion by 2027, with a CAGR of 10.9% from 2021 to 2027.

The market's enormous potential is being driven by rising demand for online streaming services over traditional platforms, as well as network capacity optimization.

Some of the market's driving forces include the increasing popularity of mobile devices and internet users, as well as technological advancements in the digital media industry.

North America dominated the global market for music streaming subscription services.

The commercial application accounts for the largest share of the music streaming subscription service industry.

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Godaddy
Published Date:  Nov 2021
Category:  Technology & Media
Report ID:   60452
Report Format:   PDF
Pages:   120
Rating:    4.3 (49)
Delivery Time: 24 Hours to 48 Hours   
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