Categories: Media & Entertainment

Music Streaming Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Amazon.com Inc., Apple Inc., Google LLC, Spotify AB, Melon Corporation

The Music Streaming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Music Streaming Global Market Report 2024, 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.

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.

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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

Major companies operating in the music streaming market are adopting a strategic partnership approach for a novel business model for music streaming. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in January 2023, Tidal, a US-based music streaming service, announced a partnership with Universal Music Group N.V., a Netherlands-based music corporation, to investigate an innovative new economic framework for music streaming that may better reward the value supplied by artists and more closely represent TIDAL users’ connection with the artists and music they enjoy. TIDAL and UMG will investigate how digital audio streaming services and platforms may increase financial value for all types of artists by using fan involvement. The study will look at how different financial approaches might help artists and the music community by accelerating subscriber growth, deepening retention, and better monetizing fans.

The music streaming market report table of contents includes: