The global Music Streaming market size is expected to be worth around US$ 76.8 billion by 2027, according to a new report by Vision Research Reports.
The global Music Streaming market size was valued at US$ 20.8 billion in 2019 and is anticipated to grow at a CAGR of 17.9% during forecast period 2020 to 2027.
The growing adoption of digital music services is one of the key factors driving the market. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a notable shift from traditional viewership to online content consumption over the last decade. This is owing to the availability of vast databases of audio and video songs across streaming platforms.
The increasing integration of technologies such as (AI), (ML), and Extended Reality (ER) is expected to support the growth of the market over the forecast period. For instance, ML-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. These technologies are further expected to bring advanced capabilities, such as song mixing, automated one-touch personalized playlists, and voice assistance, to the platforms.
Furthermore, the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. For instance, Spotify witnessed an upsurge in its monthly active users by 29.0% year-on-year to 299 million users in the second quarter of 2020. The increasing rate of digitalization and the rise in the adoption of digital music are fueling the industry’s growth.
The on-demand streaming segment dominated the market in 2019, with a revenue share of nearly 70.02%. The segment is expected to expand at a promising pace over the forecast period as well, thanks to the increasing need to handle the risk of piracy. On-demand streaming services have emerged as a promising solution for stakeholders, right from distributors to musicians, for restricting the illegal sharing and downloading of music. The segment is likely to witness considerable growth over the forecast period as it adds to the convenience of the consumers by providing them discovery features and recommendations based on their preference.
The live streaming segment is anticipated to witness substantial growth, recording a CAGR of over 19.02% from 2020 to 2027. The primary factor contributing to this growth is the ability to reach a broader audience. Live streaming refers to broadcasting live content in real-time to people over the internet. Apart from the platforms built for live streaming, most social media channels also promote live videos. Owing to the increasing reach of live videos, an increasing number of artists are going live on platforms such as YouTube Live, Facebook, Instagram, and Periscope from Twitter. This trend is further expected to fuel the segment’s growth over the forecast period.
The audio segment dominated the market in 2019, with a revenue share of more than 60.02%. The rising demand for audio content can be attributed to the growing preference of users for multi-tasking, especially listening to songs while commuting to work, exercising, or doing household chores. Moreover, the rising number of commercial end-users, such as restaurants, cafés, pubs, and gymnasiums, using audio streaming platforms to play songs in their commercial spaces is anticipated to drive the segment.
The individual end-use segment dominated the market in 2019 with a revenue share of nearly 65.02%. Since the introduction of music streaming services, users have been able to access millions of songs on demand easily. The changing lifestyle of millennials, which often comprises listening to songs during their daily chores, propels the segment’s growth. Many tech companies allow their employees to plug in earphones to listen to songs and work in isolation. Furthermore, with the improved accessibility of wireless networks and extensive use of mobile devices, the music streaming market is increasingly replacing downloads in the digital music market. These factors are also expected to drive the adoption of these platforms among an increasing number of individuals globally.
The apps segment dominated the market in 2019 and accounted for the largest revenue share of 85.3%. The segment is expected to register the highest CAGR of over 18.02% from 2020 to 2027. Music apps have established a stronghold in the industry as they provide thousands of song tracks that can be purchased from the app, along with a large number of tracks that can be streamed for free. Furthermore, the rising popularity of media streaming, driven by high-speed internet and the growing adoption of smartphones, is significantly driving the demand for music streaming apps globally. Over time, several platform providers in the industry have developed web as well as mobile media platforms. The services are made available on different platforms for cross-device access, such as web, desktop, and mobile apps for various operating systems.
In 2019, North America accounted for the largest revenue share of over 30.01% in the market. The regional market is expected to retain its dominance over the forecast period. The presence of key market players, such as Amazon.com, Inc.; Apple, Inc.; Google LLC; and Pandora Media, Inc., is one of the primary factors driving the market in the region. Moreover, fixed broadband speeds and coverage, the high penetration of connected devices, and better digital payment infrastructure also supplement the development of these services in the region.
Pandora Media, Inc.
Tencent Music Entertainment Group
Content Type Outlook
Middle East & Africa
The Music Streaming market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Music Streaming market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Music Streaming market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Music Streaming market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Music Streaming market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Music Streaming capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Music Streaming by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Music Streaming market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Music Streaming market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Music Streaming market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Music Streaming industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Music Streaming market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Music Streaming market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Music Streaming market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Music Streaming market. These factors have benefited the growth of the global market for Music Streaming. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Music Streaming. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Music Streaming are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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