Overview and Scope
Music mobile apps refer to the software applications designed for smartphones and tablets, offering users access to a wide range of music content, including streaming, downloads, playlists, and personalized recommendations. These apps allows seamless music listening experiences whether commuting, exercising, or relaxing at home.
Sizing and Forecast
The music mobile apps market size has grown rapidly in recent years. It will grow from $6.31 billion in 2023 to $7.11 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing availability of music-related content, increasing number of music streaming services, developing an understanding of the consumer needs and preferences, increasing focus on high-definition audio formats, increasing adoption of smartphones.
The music mobile apps market size is expected to see rapid growth in the next few years. It will grow to $11.54 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increasing penetration of smartphones across the globe, the growing demand for on-demand music streaming services, high technology demand to deliver music in digital format, advancements in smartphone technology, higher demand for in-app purchase. Major trends in the forecast period include expansion of social features within music apps, strategic partnerships, technological advancement, expansion of internet penetration and implementation of high-speed internet, integration of gaming elements into music apps.
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Segmentation & Regional Insights
The music mobile apps market covered in this report is segmented –
1) By Type: Free, Subscription
2) By Revenue Generation Format: Streaming, Digital, Physical Products, Performance Rights, Synchronization Revenues
3) By Application: Android, iPhone Operating System (iOS)
North America was the largest region in the music mobile apps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music mobile apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for on-demand music streaming services is expected to propel the growth of the music mobile app market going forward. On-demand music streaming services refer to the platforms that allow users to listen to music whenever they want, providing access to a vast library of songs that can be streamed over the internet. The demand for on-demand music streaming services is rising due to their convenience, extensive music libraries, personalized recommendations, multi-device accessibility, and ad-free listening experiences. Music mobile apps provide access to on-demand music streaming services, offering users a vast library of customized playlists tailored to their preferences and enhanced smartphone user experiences. For instance, according to the International Federation of the Phonographic Industry Global Music Report 2023, the total music streaming industry generated a revenue of $15.7 billion in 2021, which rose to $17.5 billion in 2022. Therefore, the growing demand for on-demand music streaming services is driving the growth of the music mobile app market.
Key Industry Players
Major companies operating in the music mobile apps market are Apple Inc., Google LLC, Spotify Inc., Yandex NV, Warner Music Group Corp, Tencent Music Entertainment Group, iHeartMedia Inc., Pandora Media LLC, Deezer S.A., Amazon Music, Napster LLC, TuneIn Inc., SoundCloud Limited, Gamma Gaana Ltd., JioSaavn, Musixmatch Srl, Slacker Inc., Anghami S.A.L, NetEase Cloud Music, Mixcloud Limited, Aspiro AB, Bandcamp Inc., 8tracks Internet Radio, Spinrilla LLC, Audiomack Inc.
The music mobile apps market report table of contents includes:
1. Executive Summary
2. Music Mobile Apps Market Characteristics
3. Music Mobile Apps Market Trends And Strategies
4. Music Mobile Apps Market – Macro Economic Scenario
5. Global Music Mobile Apps Market Size and Growth
….
32. Global Music Mobile Apps Market Competitive Benchmarking
33. Global Music Mobile Apps Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Music Mobile Apps Market
35. Music Mobile Apps Market Future Outlook and Potential Analysis
36. Appendix
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