Music Streaming Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

The music streaming feed audio content directly into the device, personal computers (PC), or mobile devices, without the need of downloading files from the internet. It is offered through a web-based or application-based service. Users can also download music for offline listening and upload their soundtrack to the cloud using these services.

Sizing and Forecast
The music streaming market size has grown rapidly in recent years. It will grow from $30.04 billion in 2023 to $33.97 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%.  The growth in the historic period can be attributed to digital music distribution, mobile device proliferation, social media integration, global licensing agreements, offline listening features.

The music streaming market size is expected to see rapid growth in the next few years. It will grow to $57.78 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.  The growth in the forecast period can be attributed to podcast integration, interactive and social features, expansion into emerging markets, global expansion and localization, social sharing and collaborative playlists. Major trends in the forecast period include high-fidelity and lossless streaming, AI-driven personalization, live audio and virtual concerts, user-generated content and remix culture, subscription bundling and partnerships.

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Segmentation & Regional Insights
The music streaming market covered in this report 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

North America was the largest region in the music streaming market share in 2023. The regions covered in the music streaming 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 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 such as 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. For instance, in October 2023, according to SmartTek Solutions, a US-based software development firm offering software products and managed IT outsourcing services, over 41.9% of US homes possessed a smart home device in 2021, with this figure expected to rise to 48.4% by 2025. Therefore, the increasing adoption of smart devices will drive the growth of the music streaming market.

Key Industry Players
Major companies operating in the music streaming market report are Amazon.com Inc., Apple Inc., Google LLC, Spotify AB, Melon Corporation, Sirius XM Holdings Inc., Yandex Music, Tencent Music Entertainment Group, iHeartmedia Inc., Tidal Music LLC, Pandora Media Inc., Kugou Music, Audacy, Kuwo Music, Cumulus Media Inc., NetEase Cloud Music, SoundCloud Global Limited & Co KG, Deezer SAS, Napster Technologies Inc., KKBOX Inc., LiveOne, Wynk Music, Hungama Digital Media Entertainment Private Limited, Anghami, Boomplay Music Africa, Gaana.com, JOOX Music, Saavn Media Pvt Ltd., Xiami Music, Zvooq AB

The music streaming market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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