The global Music Streaming Application market is expected to develop US$ 25.8 Billion by 2032, at a compound annual increase in price (CAGR) of 18.4% throughout the forecast period.
.jpg
"The Global Music Streaming Application Market 2022-2032 (USD Billion)")
Music streaming application has become the most preferred way for consumers to listen to music. On-demand access to the unlimited and exclusive catalog is the major reason that music lovers are now moving to music streaming application. The big musical data is stored in a server that users can connect to via mobiles, laptops, music players and other smart devices. On many applications, the user can also store music locally, by making it available off-line. This simply means that the music files can be stored on the user’s device inside the memory of the streaming service application. Thus, the music on the touch is offering the subscribers convenience, owing to which an increasing user base of music streaming application is seen driving the growth of the global music streaming application market. Further, engaging customer experience owing to the availability of content and context playlists are driving more subscribers to the services boosting the growth of the global music streaming application market. These users can have access to music services through a free, freemium and paid service type. Major streaming services permit users to download the music application for free through which they are able to access full service.
The global music streaming market was valued at USD 11.20 billion in the year 2017. Music streaming services are projected to witness a surge during the forecast period owing to the adoption of digital music. The growth is expected to be powered by improving network connectivity, increasing smartphone penetration coupled with more customized content offered by the players in the global music streaming application market.
Music Streaming Application Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2023-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 25.8 Billion |
| Growth Rate | CAGR of 18.4 % during 2022-2032 |
| Segment Covered | Service, Platform, Content Type, End Use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | SoundCloud Limited, Spotify AB, Google LLC, Tencent Music Entertainment Group, Apple, Inc., Pandora Media, Inc., Deezer, and Amazon.com, Inc. |
Key Segments of the Global Music Streaming Application Market
Service Type Overview, (USD Million) (Million Subscriber)
- Ad-Supported
- Subscription based
Regional Overview, (USD Million) (Million Subscriber)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Spain
- Germany
- France
- UK
- Netherland
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East
- Qatar
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions (FAQ) :
The market value of music streaming application market in 2032 was US$ 25.8 Billion.
The top companies that hold the market share in music streaming application market are SoundCloud Limited, Spotify AB, Google LLC, Tencent Music Entertainment Group, Apple, Inc., Pandora Media, Inc., Deezer, and Amazon.com, Inc.
To get latest version of music streaming application market report can be obtained on demand from the website.
The music streaming application is gaining tremendous traction globally and hence the market has a large number for service providers who are regional as well as global players. Key players in the global music streaming application market are Apple Music, Spotify Limited, Amazon Music, Pandora Media, Inc., Deezer, Tencent Music Entertainment Group, Google Play Music and YouTube Music. The top 3 players such as the Apple Music, Spotify Limited and Amazon Music capture more than half of the global music streaming application market share by subscribers. Subscribers are having a hard time to differentiate between the service providers as the plans they offer are more over the same.
Hence, to gain an advantage over the competitor’s player in the market are focusing on launching new services such as the live radio and live streaming services. For instance, in 2019, SiriusXM in collaboration with Pandora Media, Inc. launched Pandora NOW. The aim of this launch is to feature some of the most popular new music on the internet radio service using SiriusXM radio channel. Similarly to offer new service, in 2018 Pandora had run pilot livestreams collaborating with artists such as Fall Out Boy, G-Eazy, Jack White, and Mumford and Sons to launch live streaming shows.
Innovation is the key to success and hence major players in the market are adopting to artificial intelligence, AR/VR and big data analytics. For instance in 2018, Spotify Limited announced that the company is using tools such as artificial intelligence, big data, and machine learning to drive success. The company is using the valued information gathered and analyzed through these tools to design algorithms and extrapolate business insights that are likely to impact its business and the experience it offers to its listeners. Further, music rights holders and music streaming service providers are teaming up to produce original content, events and are also experimenting with a live concert broadcast and live podcast. For instance in 2017, Spotify Limited acquired two podcast startups Gimlet and Anchor to bring original content for audiophiles. With this acquisition, Spotify is building a bigger bet on podcasts as it aims to build a Netflix-like model of original audio programs for its users.
The consistent innovation in streaming services coupled with the increasing use of smartphones, high-speed internet penetration, and adoption of 5G communication across the globe will positively affect the music streaming market. The market will grow consistently in developing market such as Asia-Pacific and Latin America which are observing a rise in disposable income and developing digital infrastructure. The major companies in streaming services are expected to have strong competition from local startups. For instance, Indian music streaming company Gaana earned USD 150.0 million in revenue in 2019 with 20.0 million growth in subscribers in just one year. Such local companies will offer significant challenges to leaders such as Spotify and Apple Music. The leading companies need to enter the market as soon as possible offering free content to gain new subscribers before launching their paid services. This strategy is followed by Spotify in India which is one of the lucrative markets for streaming services.
Based on the service type the global music streaming application market is segmented in subscription-based and Ad-supported. In 2017, subscription-based accounted for 80.0 % shares in revenue in the global music streaming application market. Ad-free streaming, access via different devices, superior quality, original and exclusive content access are the reason users are opting to subscription-based services. Further, upcoming trends such as internet radio and live streaming and podcast are expected to be accessible to subscription-based users. Hence, subscription-based services are projected to grow steadily during the forecast period.
Music streaming service providers in the global music streaming market offer freemium services to boost its subscriber’s base. For instance, Spotify Limited in February 2019, offered freemium streaming services to boost the market growth in India which is projected to be a potential market. The aim of offering freemium services is to increase the awareness about the music streaming services and then finally convert them to premium/ paid subscribers.
On the basis of geography, the global music streaming application market is segmented in North America, South America, Europe, Asia Pacific and the Middle East and Africa. In 2017, North America is the largest market as the region has the largest number paid subscribers especially, the United States. The adoption increased owing to the availability of resources offering enhanced music streaming experience to the end user and high disposable income of the end users in the region. Further, the region is projected to witness the adoption of advanced data services such as the uninterrupted 5G and fiber high-speed broadband connectivity. Thus, these factors are projected to fuel the growth of North America in the global music streaming application market.
Europe is projected to be the second largest market in the global music streaming application market. The region had been facing piracy issues and players such as Spotify Limited and Tidal were success full in reducing the piracy over the past few years. This was possible as the players offered services at low cost and easy user interface and engaging user experience associated with music streaming enabled the user’s to switch from illegal download to music streaming application.
The Middle East and South America markets are projected to grow as players offering services in the region are focusing on offering music content that favors the local taste. For instance, in 2018, Deezer launched the Deezer app and discover and play all content in Arabic with an exclusive Rotana (A leading entertainment company in Arabic countries) content exclusively for the music lover in the region.