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The Music Streaming Global Market Report 2023 by The Business Research Company, provides music streaming market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In 2023, The Business Research Company’s Music Streaming Global Market Report revealed a robust growth trajectory, with the market surging from $27.29 billion in 2022 to an impressive $30.99 billion at a compelling Compound Annual Growth Rate (CAGR) of 13.5%. However, the global landscape faced disruption due to the Russia-Ukraine war, impeding the short-term prospects of economic recovery from the COVID-19 pandemic. Economic sanctions, commodity price spikes, and supply chain disruptions resulting from the conflict contributed to inflationary pressures across goods and services, impacting various markets worldwide.
Looking ahead, the global music streaming market is poised for significant expansion, projected to reach $52.47 billion in 2027, showcasing a robust CAGR of 14.1%.
The increasing adoption of smart devices is expected to propel the growth of the music streaming market. Smart devices such as smartphones, and smart speakers have changed the way of listening to music. They include smart features like the ability to set alarms, play music on voice command, control smart devices in-home, and stream live music, as they are powered by a virtual assistant.
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The music streaming market is segmented:
1) By Service: On-Demand Streaming, Live Streaming
2) By Content: Audio, Video
3) By Platform: Application-Based, Web-Based
4) By Revenue Channels: Non-Subscription, Subscription
5) By End-Use: Individual, Commercial
Top 5 Major Players:
Key trends shaping the music streaming arena revolve around the integration of Artificial Intelligence (AI) and machine learning in devices. These technologies play a pivotal role in elevating the music streaming experience, notably by augmenting storage capacities and refining search recommendations, thus enhancing overall user satisfaction.
A noteworthy example is Gaana, an India-based music streaming app that, in January 2022, unveiled a groundbreaking feature harnessing the power of artificial intelligence. This innovative addition is designed to tailor the music listening experience to individual preferences, adapting to specific occasions or daily moods. Through AI, Gaana is revolutionizing the way users interact with music, ushering in a new era of personalized and enriched musical enjoyment.
The music streaming market report table of contents includes:
1. Executive Summary
2. Music Streaming Market Characteristics
3. Music Streaming Market Trends And Strategies
4. Music Streaming Market – Macro Economic Scenario
5. Music Streaming Market Size And Growth
.
27. Music Streaming Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Music Streaming Market
29. Music Streaming Market Future Outlook and Potential Analysis
30. Appendix
30. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Music Streaming Market, Segmentation By Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Music Streaming Market, Segmentation By Content, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Music Streaming Market, Segmentation By Platform, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
….
Table 48: Amazon Financial Performance
Table 49: Apple Financial Performance
Table 50: Spotify Financial Performance
Table 51: Gaana Financial Performance
Table 52: SoundCloud Financial Performance
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