MUSIC STREAMING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global Music Streaming Market is estimated to be valued at USD 40.12 Bn in 2024 and is expected to reach USD 121.43 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.1% from 2024 to 2031.
The global music streaming market has witnessed tremendous growth over the past few years. Factors such as increasing consumer preference for on-demand streaming services over physical media, high-speed internet penetration, and availability of wider music catalogue have boosted the growth of this market. Music streaming allows users to listen to a variety of songs online without actually storing the music files on the local device. Various streaming platforms provide subscription services ranging from free ad-supported to premium ad-free options. With growing smartphone and smart device usage, music streaming apps have become widely popular among millennials and Gen Z users. The emergence of innovative technologies like AI and machine learning is further expected to enhance music discovery and personalized music recommendation, thereby expanding the customer base of music streaming platforms.
Market Dynamics:
The key drivers fueling the music streaming market include growing preference of young demographics for digital music consumption, availability of low-cost data plans and smartphones, and constant innovation introduced by music streaming players. However, factors such as piracy concerns, lack of internet penetration in rural areas, and increasing market dominance of top players pose challenges for market growth. On the upside, monetization of audio advertising, expansion into emerging economies, integration of live streaming features, and bundling of music streaming with other OTT platforms present lucrative opportunities for market players. Moreover, paradigm shift towards subscription-based models and convergence of music and video streaming is expected to reshape the competitive dynamics in the coming years.
Key features of the study:
- This report provides in-depth analysis of the global music streaming market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global music streaming market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer SA, Pandora Media, Inc., Tencent Music Entertainment Group, Tidal, SoundCloud Global Limited & Co. KG, iHeartMedia, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global music streaming market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global music streaming market.
Market Segmentation
Market Segmentation
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