Home / Technology & Media / 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

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

Published Date: Nov 2021
|
Report ID: 60452
|
Report Format: PDF
Technology & Media
|
Pages: 120
|
Rating: 4.3 (49)

Music Streaming Subscription Services Market Analysis

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 for unlimited music downloads on a variety of devices in exchange for an ad-supported or monthly membership. Spotify was founded in 2008 with the goal of releasing the potential of 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

Interesting Facts of Music Streaming Subscription Services Market.

  • Market expansion has been fuelled by technological advancements in the digital media industry.
  • Throughout the forecast period, the audio streaming sector is expected to have a larger market share.
  • During 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, 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 favourable influence on the market for music streaming subscription services. As most individuals are remaining at home due to mandatory confinement measures and health safety compliances, music streaming subscriptions have surged. According to industry analysts, most suppliers in the music streaming or associated marketplaces have seen a 25%-35% growth in their consumer base as a result of the pandemic.

During the forecast period, the video streaming segment is expected to grow at the fastest CAGR.

The music streaming subscription services market is divided into two categories: audio streaming and video streaming. Throughout the projected period, the video streaming category is predicted to increase at the fastest CAGR. Consumers may now access video music via various devices at any time and from any location. The increasing adoption of broadband technology and on-going advances in the media and information and communication technologies 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 that 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 gradually rise as a result of 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 as a result of 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 aided in the acquisition of new customers in both regions. In the third quarter, Spotify launched 76 new O&E podcasts around the world.

Frequently asked questions about global Music Streaming Subscription Services market

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.

Report Attribute Details
Choose License Type
Connect With Us
+1-408-641-3282
24/7 Research Support