Music Streaming Market Size/Share Projected to Grow by USD 108.04 Billion By 2032, at 13.0% CAGR Increase: Polaris Market Research
Polaris Market Research & Consulting LLP
9 min read
Polaris Market Research & Consulting LLP
Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global music streaming market size/share was valued at USD 33.89 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 13.0% and is projected to touch USD 108.04 Billion By 2032. Live streaming segment will grow at the fastest rate, due to surge in popularity of live shows on social media platforms, and higher penetration of smartphones. Some of the top market leaders are Spotify, Apple, Amazon.com, Google, Deezer, Pandora Media, Tencent Music Entertainment, Tidal and others.
New York, NY, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Music Streaming Market Share, Size, Trends, Industry Analysis Report, By Service (On-demand Streaming, Live Streaming), By Platform (Apps, Browsers), By End-use (Commercial, Individual), By Content Type, By Region, And Segment Forecasts, 2023 - 2032” in its research database.
“As per the latest research analysis, the global music streaming market size/share will be valued at roughly USD 33.89 Billion in 2022, and its revenue is projected to reach about USD 108.04 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 13.0% between 2023 and 2032.”
Global Music Streaming Market: Report Overview
Streaming music, or more precisely, streaming audio, is a technology that allows constant streaming of audio files such as podcasts, music, lectures, voice-overs, etc., over the internet. The primary benefit of audio streaming lies in the honor of listening to the audio without downloading. As it arrives, the audio streaming is split into small packs of data, and after briefly buffering, it begins to play. The device concurrently receives more audio packets as the audio is played continually, assuring uninterrupted playback.
Moreover, the music streaming market size is expanding as the number of audio streaming service users has greatly increased. With the availability of faster internet technology, more and more customized live audio streaming is available for audiences across the world. You can listen to, play, and stream the audio you like on an audio streaming medium.
Attractive features: The popularity of music streaming services, which include a variety of alluring features like tailored song suggestions, playlist customization, and seamless accessibility across numerous applications and online browsers, has significantly increased. These services, which include podcasts, music videos, and audio files, aid in the market's overall growth.
Increased adoption of 5G connectivity: A significant development in the global market is the growing use of 5G connections. This has prompted major companies to launch new music services that offer music streams and downloads to music fans. As 5G technology spreads, businesses will be able to provide users with high-quality audio streams due to its significant speed and data transmission advantages over 4G.
Better user engagement: The music streaming market demand has expanded as more people utilize streaming services to discover and enjoy music, which has increased user engagement & lengthened listening sessions. By adding more services to their platforms, such as music video streaming, podcasts, and lyrics, music streaming firms are actively improving the customer experience.
The widespread use of smart devices and the increasing acceptance of digital platforms are expected to fuel significant market growth throughout the forecast period.
The music streaming market segmentation is primarily based on platform, service, end-use, content type, and region.
North America conquered the market in 2022.
Top Trends Influencing the Market
Technological advancements: The market is expanding as a result of technology developments and improved connectivity. Additionally, by boosting search recommendations for consumers, the incorporation of technology like machine learning (ML) and artificial intelligence (AI) enhances the music streaming experience.
Strategic developments: In November 2022, Amazon Music, a division of Amazon.com, increased the value of the Prime membership bonus to include a complete music catalog with over 100 million songs and ad-free access to the best podcasts. In the projected period, it is anticipated that these strategic moves by music streaming market key players will further increase demand.
Segmental Analysis
On Demand Streaming Sector Accounts for the Largest Share
Distributors and musicians, as well as other stakeholders, including on-demand streaming services, have benefited from the reduction of unlicensed music streaming and downloading. These services also boost user convenience by providing discovery tools and tailored suggestions based on specific interests, which supports the expansion of this market.
Moreover, the live-streaming category is anticipated to develop at the fastest rate. Artists are now live streaming on sites like YouTube Live, Instagram, Facebook Periscope, and Twitter due to the rise in popularity of live videos. It is a developing trend in the music industry that has given musicians tremendous promotional tools. It has allowed them to efficiently reach new audiences, establish a loyal fan base, and exhibit their skills.
Audio Sector Holds Substantial Market Share
The audio sector is estimated to hold a substantial music streaming market share. This growth can be due to the convenience it provides satisfying listeners' propensity for multitasking. The audio sector offers customers a comfortable and pleasurable entertainment experience by allowing them to seamlessly enjoy audio content while performing various tasks, including traveling, exercising, or completing domestic duties.
Furthermore, the video sector has been steadily expanding. This expansion can be ascribed to the rising global demand for Over-the-Top (OTT) services. The popularity of OTT platforms among consumers, which provide quick and on-demand access to a wide variety of video content, is a major factor in the growth of the video segment.
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Geographical Overview
North America: The market was dominated by the North American region. Numerous important factors, including the dominance of significant market companies like Amazon.com, Pandora Media, Apple, and Google, can be credited for this expansion. The region's broad access to smart devices, fixed wireless internet, and sophisticated online payment technologies are also playing a vital role in the growth of the music streaming market in North America.
Middle East: The Middle East is likely to have the fastest growth rate. The region's public has adopted smartphones at a noticeably higher rate. Many people now use their smartphones on a daily basis as a quick and portable way to access a variety of digital services, including music streaming sites.
Browse the Detail Report “Music Streaming Market Share, Size, Trends, Industry Analysis Report, By Service (On-demand Streaming, Live Streaming), By Platform (Apps, Browsers), By End-use (Commercial, Individual), By Content Type, By Region, And Segment Forecasts, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/music-streaming-market
Google unveiled MusicLM in May 2023, a revolutionary AI-based approach built to produce high-quality music by deciphering language inputs. With the use of pre-existing melodies communicated by various techniques, such as humming, whistling, instrumental playing, or singing, this technology is capable of transforming written descriptions into a coherent musical composition.
The Report Answers Questions Such As
What is the music streaming market growth rate during the forecast period?
How big is the music streaming industry?
What are the prominent factors propelling the market growth?
Who are the key vendors in the market?
Which segment accounts for the largest market share?
What are the key music streaming market trends and opportunities?
Which region is dominating the market?
What is the study period of the music streaming market?
Polaris Market Research has segmented the music streaming market report based on service, platform, content type, end use, and region:
By Service Outlook
On-demand Streaming
Live Streaming
By Platform Outlook
Apps
Browsers
By Content Type Outlook
Audio
Video
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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