Music Streaming Market Trend & Forecast | 2022-2028

Market Insights

The Music Streaming market was estimated to grow from USD 29.2 billion in 2021 to USD 78.56 billion by 2028 at a CAGR of over 15.15% during the forecast period of 2022-2028.

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What is music streaming?

Streaming music, also known as streaming audio, is a method of feeding audio content to the audio device (smartphone, laptop, etc.) directly, without the need to download files from the internet. More people are listening to more music now, from more artists than before due to streaming services and their prevalence.

Key Players

The key players operating in the market are-

• Amazon.com, Inc. (US),
• Deezer (France),
• Apple Inc. (Apple Music) (US),
• Aspiro AB (Tidel) (Sweden),
• Gamma Gaana Limited (India),
• Google LLC (YouTube Music) (US),
• Idagio (Germany),
• iHeartMedia, Inc. (iHeartRadio) (US),
• LiveXLive (US),
• Microsoft Corporation (US)

Market Dynamics

The growth of the music streaming market is primarily driven by:

• Rising popularity of digital platforms as well as growing adoption of smart devices.
• Music streaming services include platforms that enable users to listen to podcasts, audio, and watch music videos.
• Furthermore, these platforms provide features such as auto customization of the playlist, song recommendations, and hassle-free accessibility on apps as well as browsers.

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Segment Analysis

Platform Trends

The market has been classified into app & browsers. Under these, the app segment held a significant market share of more than 84.7% in 2021.

Content Type Trends

The market has been classified into audio and video. Under these, the audio segment held a significant market share of more than 59.0% in 2021. Increasing preference of users for multi-tasking, especially listening to songs while commuting to exercising, work, or doing household chores.

Also, surging number of commercial end-users, such as cafés, restaurants, pubs, and gymnasiums, using audio music streaming apps to play songs in their commercial spaces, thereby boosts the segment growth.

End-Use Trends

The market has been classified into individual & commercial. Under these, the individual segment held a significant market share of more than 60.5% in 2021.

Regional Analysis

The North American market held the highest share of more than 29.0% in 2021 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to large presence of domestic players, fixed broadband speeds & coverage, growing penetration of connected devices, and improved digital payment infrastructure, further bolsters the regional market growth during the review period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Platform Type

• Apps
• Browsers

By Content Type

• Audio
• Video

By End-Use Type

• Individual
• Commercial

By Region

• North America (Country: the USA, Canada, and Mexico),
• Europe (Country: Germany, France, the UK, Russia, Spain, and Rest of Europe),
• Asia-Pacific (Country: China, Japan, India, South Korea, and Rest of Asia-Pacific),
• Rest of the World (Sub-Region: Latin America, the Middle East, and Others).

Target Audience

The target audience of the music streaming market includes-

• Music Streaming companies
• Music Streaming distributors
• Audio companies
• Government organizations

COVID-19 Impact

The COVID-19 pandemic has positively influenced the music streaming sector due to lockdown measures which result in people stuck in their homes. This resulted in increased frequency of music streaming while working from home, doing chores, walking out dogs, and while exercising. Also, as people had extra time after work, which resulted in them listening to more songs than before, thus augmenting the market growth.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on market?
• What are the key strategies adopted by the major vendors to lead in the music streaming market?
• What is the market share of the top vendors?

Report Features

This report provides market intelligence in the most comprehensive way & the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle & supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces & SWOT analysis
• Trend, segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.