Music Streaming Market Size, Share, Trends, Growth 2032

Music Streaming Industry Prospective:

The global music streaming market size was evaluated at USD 41.52 billion in 2023 and is slated to hit USD 104.09 billion by the end of 2032 with a CAGR of nearly 10.75% between 2024 and 2032.

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Music Streaming Market: Overview

Music streaming is a streaming media service focusing on streaming music and podcasts. Furthermore, music streaming services are subscription-based solutions that help end-users gain on-demand access but copyright-restricted songs from the centralized digital library. Additionally, music streaming provides full-length content through the web without the need for the purchase of files. Moreover, there is a plethora of music streaming services that offer free as well as premium or paid services to the end-users.

Key Insights

• As per the analysis shared by our research analyst, the global music streaming market is projected to expand annually at the annual growth rate of around 10.75% over the forecast timespan (2024-2032)
• In terms of revenue, the global music streaming market size was evaluated at nearly $41.52 billion in 2023 and is expected to reach $104.09 billion by 2032.
• The global music streaming market is anticipated to grow rapidly over the forecast timeline owing to the surge in the acceptance of 5G network connectivity along with the growing use of smartphones.
• In terms of service, the on-demand streaming segment is slated to register the highest CAGR over the forecast period.
• Based on end-use, the individual segment is predicted to lead the segmental space in the upcoming years.
• Based on content type, the audio segment is expected to dominate the segmental sphere in the next few years.
• Region-wise, the Middle East & African music streaming industry is projected to register the fastest CAGR during the projected timespan.

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Music Streaming Market: Growth Factors

A rise in the use of 5G networks & smartphones will steer the growth of the global market

The surge in the acceptance of 5G network connectivity along with the growing use of smartphones globally is likely to pave the way for humungous growth of the music streaming market globally. In addition to this, the onset of new technologies such as the Internet of Things and artificial intelligence will cumulate the growth of the market across the globe. Large-scale acceptance of digital tools and extensive use of smart equipment is projected to embellish the growth of the global market.

A rise in the number of websites streaming as well as podcasting music videos will chart a profitable growth map for the market globally. Introducing new features in the music videos will further exponentiate the expansion of the global market.  

Music Streaming Market: Restraints

Rising issues related to patents of albums & singers and musicians can restrict the global industry expansion by 2032

Growing concerns over patents & licensing of music products along with the differing legislations pertaining to it in various countries can hinder the global music streaming industry. Apart from this, a rise in the rate of pirated videos along with legal issues arising from such cases of piracy can further deflate the global industry surge.

Music Streaming Market: Opportunities

Escalating popularity of music streaming videos to generate new growth avenues for the global market

A surge in the demand for music streaming videos & audio from middle-income groups and a rise in the penetration of music streaming services in emerging economies will open new growth avenues for the global music streaming market.

Music Streaming Market: Challenges

Less availability of differentiated services & services with new features can challenge the global industry expansion over the forecast period

Cutthroat competition and lack of differentiation in the offering of music streaming services can pose a huge challenge to the growth of the global music streaming industry.

Music Streaming Market: Segmentation

The global music streaming market is sectored into service, platform, end-use, content type, and region.                                         

In service terms, the music streaming market across the globe is segregated into on-demand streaming and live streaming segments. Furthermore, the on-demand streaming segment, which acquired nearly 39% of the global market revenue in 2023, is predicted to record the highest CAGR in the forecasting years. The segment growth from 2024 to 2032 is likely to be due to the ability of the on-demand music streaming services to curb unauthorized music streaming activities and improve consumer convenience. Moreover, it streamlines music as per the recommendation of an individual, thereby leading to consumer satisfaction.

Based on the content type, the global music streaming industry is bifurcated into audio and video segments. Additionally, the audio segment, which gained a key share of the global industry in 2023, is expected to lead the segmental surge in the next eight years. The segmental expansion over the forecast period can be owing to the ability of audio to cater to the multitasking tendencies of listeners. Moreover, listeners can listen to audio music while exercising, performing routine duties, and commuting.

Based on the end-use, the global music streaming market is divided into individual and commercial segments.  Moreover, the individual segment, which collected nearly 66% of the global market earnings in 2023, is predicted to dominate segmental growth in the coming decade. The uplifting of the segment from 2024 to 2032 can be due to changing fashion trends and lifestyles of the youth population across the globe. Easy availability of high-speed internet facilities and declining smartphone costs leading to huge product sales will drive the segment surge.

Based on the platform, the global music streaming industry is sectored into apps and browser segments.

Music Streaming Market: Report Scope

Music Streaming Market: Regional Insights

North America is predicted to retain a key position in the global music streaming market in the forecast period

North America, which accounted for nearly 71% of the global music streaming market revenue in 2023, is likely to establish its domination in the coming eight years. In addition to this, the regional market growth over the forecast timeline can be attributed to the presence of key players in countries such as the U.S. and Canada. Additionally, the presence of strong wireless network infrastructure in the region and easy access to smart equipment as well as 5G high-speed network facilities has prompted the regional market trends.      

The Middle East & African music streaming industry is projected to record the fastest annual rate of growth in the forecast time interval. The expansion of the industry in the sub-continent can be subject to a rise in internet use as well as the setting up of internet towers & fibers for providing seamless internet connectivity to users in countries such as UAE, Kenya, Nigeria, and Namibia.

Key Developments

• In the second quarter of 2020, Spotify Inc. introduced music streaming services in Russia, Croatia, Albania, Belarus, Serbia, Bosnia & Herzegovina, Kazakhstan, Moldova, North Macedonia, Kosovo, Serbia, Ukraine, and Slovenia. 
• In the last half of 2020, Spotify Inc. introduced nearly 40,000 music tracks with the help of an AI system for generating seamless music streams to end-users.

 Music Streaming Market: Competitive Space

The global music streaming market profiles key players such as:

• Apple Inc.
• SoundCloud Global Limited & Co. KG
• Amazon.com Inc.
• Google LLC
• Pandora Media Inc.
• Spotify AB
• Deezer
• Tencent Music Entertainment Group
• iHeartMedia Inc.

The global music streaming market is segmented as follows:

By Service

• On-Demand Streaming
• Live Streaming

By Platform

• Apps
• Browsers

By End-Use

• Individual
• Commercial

By Content Type

• Audio
• Video

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa