Overview of the Global Music Streaming Industry:
The Global Music Streaming market is projected to experience substantial growth between 2023 and 2028, driven by digital transformation, innovation in service delivery, and expanding global demand. With a forecasted 12.32% CAGR during the forecast period, i.e., 2023-28.
This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook — helping businesses, investors, and stakeholders make informed decisions.
Market Size & Forecast (2023–2028)
- Base Year: 2022
- Forecast Period: 2023-28
- Market Size (2022): USD 22.7 billion
- Estimated CAGR (2023-28): 12.32%
Key Market Driver (What’s Driving Music Streaming Sector Growth?)
Rising Popularity for Music Streaming Services to Push the Market Growth – With the emerging preference for music among the global population the demand for music streaming services is witnessing an upward trend. Since the past years, the percentage of individuals consuming or adopting paid subscription services to stream music & numerous audio content has grown tremendously, further expanding the Global Music Streaming Market. Also, with the introduction of wireless technologies deployed with 4G or 5G internet connections is improving the growth rate of the market. Moreover, the increase in the young population, who are the frequent consumer of music streaming services, and majorly prefer those sites that also offer free music options along with paid subscriptions as their channel has free access is further driving the market progression.
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Global Music Streaming Market Recent Developments
- November 2022: Apple Inc. announced the launch of its new Replay feature. In this latest upgrade the users would be able to learn their top songs, artists, albums, genres, and many more.
- 2022: Deezer introduced an app called “Zen by Deezer – Meditation”. This app offers a wide range of music & other content related to meditation, sleep, yoga, etc.
Top Companies in the Music Streaming Market
Here’s a snapshot of key players leading innovation and market share:
- Amazon Inc.
- Apple Inc.
- Deezer
- Google LLC
- iHeartMedia, Inc.
- Pandora Media, Inc.
- SoundCloud Limited
- Spotify AB
- Tencent Music Entertainment Group
- Tidal (Aspiro AB)
- Guvera
- Microsoft
- Slacker
- Times Internet
- Yandex
- Others
The market is highly fragmented, with a mix of global and regional players competing for market share. To Learn More About the Global Trends Impacting the Future of Top 10 Companies in Premium Music Streaming Market
Factor Hinder Music Streaming Industry Growth
Lack of Ownership & the Availability of the Music Only When Connected to Internet is Impeding the Growth – The growth of the Global Music Streaming Market during the forecast period is expected to be hindered by the absence of music ownership & the limitation on offline music access. Subscription-based licensing models dominate the market, granting consumers extensive song libraries. However, the inability to possess the music they stream & the restriction on downloading music discourages potential subscribers. Furthermore, the dependency on internet connectivity for streaming music may also contribute to deterring customers from adopting music streaming services, thus impeding market development.
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Music Streaming Market Segmentation Analysis
-By Services
- On-demand Streaming
- Live Streaming
On-demand music streaming service captured the potential market share during the historical period & is anticipated to follow the same trend in the upcoming years as well.
-By Content Type
- Audio
- Video
Audio content type is envisioned to capture the largest chunk of the revenue share of the Global Music Streaming Market in the forecast years, due to the multitasking convenience that it offers to the listeners.
-By Platform
- Apps- Market Size & Forecast 2018-2028, USD Million
- Browsers- Market Size & Forecast 2018-2028, USD Million
-By End Users
- Individual- Market Size & Forecast 2018-2028, USD Million
- Commercial- Market Size & Forecast 2018-2028, USD Million
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Geographical Analysis
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America is presumed to account for the lion’s share of the Global Music Streaming Market in the coming years, owing to the tremendous rise in the adoption of digital music among the population of the regional countries, especially the US.
Methodology Behind the Report
This research combines qualitative and quantitative methods, including:
- Expert interviews
- Proprietary forecasting models
- Financial and trade databases
- Government and institutional data
Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.
Frequently Asked Questions About the Music Streaming Market
- What is the growth rate of the Music Streaming market from 2023–2028?
- Which segment are expected to dominate market?
- Who are the top companies and what strategies being they using?
- What are the key risks and challenges in this industry?
- How can businesses prepare for future trends?
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