The Global Music Streaming Market size was estimated to be US$ 15.5 billion in 2019 and the expected CAGR through 2030 is 4.5%. Rising number of service providers, proliferation of internet services, shifting preference towards online music streaming, and focused efforts towards development of exclusive content are the key attributes driving the growth of the global music streaming market. The number of media and entertainment service providers has increased significantly over past couple of years. The content developers are focusing on expanding their reach through appropriate utilization of internet services. Consumers are shifting towards online music streaming over other formats such as digital downloads and physical music libraries, encouraging content developers to opt for digital content delivery or online music streaming platforms. To gain competitive advantage in the dynamically changing market, the music streaming service providers are focusing on development of exclusive content, audio and video, to attract the potential paid subscribers.
The music streaming market is primarily dominated by global giants such as Spotify, Apple Inc., and Amazon.com Inc. However, regional players are witnessing prominent growth owing to availability of abundant regional content and preference from regional subscribers. For instance, Spotify dominates the global music streaming market with highest number of paid subscribers and revenue generation, however, regional players such as Gaana.com is popular in the Indian market. Expanding reach of internet services and rising penetration of smartphones across the emerging economies is expected to drive the growth of the global music streaming market during the forecast period.
Asia Pacific contributed a prominent share to the global market in 2019 and is anticipated to be the most lucrative geography during the forecast period. The major attributes towards the robust growth are expected to be the expanding internet infrastructure, increased number of smartphone users, proliferation of regional music streaming platforms and active participation of global music streaming service providers across emerging countries. North America contributed a dominating share to the global music streaming market in 2019 owing to the shifting preference towards live music streaming over physical libraries and digital downloads. Expanding paid subscriber base across the United States and Canada contributed towards the growth of the North America music streaming market.
Music Streaming Market Share Analysis, by Geography (2021)
The report titled “Music Streaming Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global music streaming market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market. The global music streaming market is segmented based on revenue model, content type, end user, and geography. Based on revenue model, the global music streaming market is segmented into paid subscriptions, ad-supported, digital & customized radio, and others. Based on content type, the global music streaming market is segmented into audio and video. Based on end user, the global music streaming market is segmented into individual and corporate. Based on geography, the global music streaming market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on music streaming tools and services.
Further, market share of prominent companies in the global music streaming market would also be estimated. the study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the music streaming companies. The global music streaming market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the music streaming business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global music streaming market.
Major players active in the global music streaming market include Amazon.com Inc., Apple Inc., Gamma Gaana Ltd., Google LLC, iHeartMedia, Inc., NetEase, Inc., Pandora Media, Inc., Project Panther Bidco Ltd., Reliance Industries Limited, Spotify AB, Stingray Group Inc., Tencent Music Entertainment Group, TuneIn, Inc., and Yandex.
The Global Music Streaming Market Is Segmented As Below:
Based On Revenue Model
Digital & Customized Radio
Based On Content Type
Based On End User
Based On Geography
Middle East & Africa
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets