NEW YORK, Nov. 24, 2023 /PRNewswire/ — The Music Streaming Market size is set to increase by USD 31.10 billion from 2022 to 2027, according to Technavio. The global music streaming service market is experiencing significant growth due to the rising preference for these services worldwide. In the second quarter of 2022, there was a notable 30.5% increase in the number of consumers opting for subscription-based music streaming. Additionally, every month, one million new users join these services. The expansion of wired and wireless technologies, along with advancements in telecommunication standards such as 3G, 4G, and 5G, has led to increased global Internet bandwidth, thereby boosting the widespread adoption of music streaming services. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Buy the report now
Music Streaming Market 2023-2027: Segmentation
- Individual Users
- Commercial Users
- North America
- South America
- Middle East And Africa
In 2017, the Free segment held the top position, valued at USD 13.65 billion. Moderate growth is expected in the free music streaming market. Free music streaming operates as an ad-supported service, allowing providers to generate revenue by displaying advertisements while users listen to music or make non-free in-app purchases. Spotify and Alphabet stand out as the two major global suppliers of free streaming services. Music available on free memberships is supported by ads and has restricted access.
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Music Streaming Market 2023-2027: Company Analysis and Scope
Some of the major companies of the music streaming market include Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 companies operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the music streaming market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
Music Streaming Market 2023 – 2027: Market dynamics
Leading trends influencing the market
- Smart speakers from various manufacturers like Samsung, SONOS, Apple, Sony, and Xiaomi offer multi-room streaming capabilities and voice-controlled access to music libraries.
- Features such as voice control, multi-room listening, and integration with music subscriptions like Apple Music signify the impact of smart speakers on the music streaming market.
- Continuous innovation in smart speaker technology by companies like Sony and Xiaomi through new product launches contributes significantly to the expansion of the music streaming market globally.
- The emergence of smart speakers is expected to be a key trend driving growth in the global music streaming market.
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The report also covers the following areas:
Market trends such as an increasing introduction of differentiated music streaming services is likely to emerge as one of the primary drivers of the market. However, factors such as lack of ownership in music streaming may threaten the growth of the market.
Music Streaming Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2022-2027
- Detailed information on factors that will assist music streaming market growth during the next five years
- Estimation of the music streaming market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the music streaming market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of music streaming market vendors
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Music Market: The music market size is estimated to grow at a CAGR of 12.57% between 2023 and 2028. The market size is forecast to increase by USD 70,023.6 million.
Music on Demand Market: The music on demand market size is estimated to grow at a CAGR of 13.41% between 2022 and 2027. The music on demand market size is forecast to increase by USD 38,775.66 million.
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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