Music Streaming Market Size, Share, Opportunities, And Trends By Type (On-demand Streaming, Live Streaming), By Platform (Smartphones, Laptops & Desktops, Others), And By Geography - Forecasts From 2023 To 2028

With the rise of on-demand access to music, streaming services have become a popular alternative to traditional music purchases. In recent years, the market has experienced explosive growth, with companies such as Spotify, Apple Music, Amazon Music, and YouTube Music dominating the space. As technology continues to advance and the music industry evolves, the music streaming market is expected to continue its upward trajectory, with opportunities for innovation and expansion. These companies offer similar services but may differentiate themselves through features such as exclusive content, user interfaces, and pricing plans.

Streaming services offer an alternative to traditional music purchases such as CDs or digital downloads, and have become increasingly popular due to their convenience, affordability, and vast music library. The revenue model for music streaming services typically involves subscription fees from users, advertising revenue, and partnerships with other companies. The market is also highly influenced by music labels and artists, who may negotiate exclusive licensing deals and promotions with specific platforms. The music streaming market is expected to continue growing as more consumers adopt digital music consumption and as the technology and features offered by streaming services evolve.

The music streaming market is driven by advancements in technology and collaborations by key companies to strengthen their market positions.

• Advancements in technology, such as faster internet speeds and mobile devices, have made it easier for users to access music streaming services on the go. In addition, smart speakers and voice assistants have made it more convenient to access music without needing to use a device.
• Music streaming services have formed partnerships and collaborations with other companies to provide exclusive content or to offer bundled services to users. For example, some services have partnered with telecommunications companies to offer discounted or free subscriptions to their customers. For instance, in December 2021, Vi, a well-known telecom company in India, partnered with Hungama Music, a big music streaming service, to debut its music service on the Vi App. With the agreement, Vi further expanded its OTT-based digital content services, which include entertainment, health & fitness, education & skilling. As part of this collaboration, Vi began providing all of its postpaid and pre-paid customers with a complimentary 6-month premium subscription to Hungama Music.

Key developments.

• In January 2023, TIDAL, a global music and entertainment platform, and Universal Music Group (UMG), a leader in music-based entertainment, announced their ambition to collaborate together to evaluate a unique new economic model for music streaming that might more fairly compensate artists for the value they provide and more accurately reflect the engagement of TIDAL subscribers with the artists and music they enjoy. Through their agreement, TIDAL and UMG aim to find a strategy to increase fan engagement so that all types of artists may benefit from increased commercial value from digital music services and platforms. The goal of the study is to better understand how various economic models may increase subscriber retention, deepen subscriber growth, and monetize fandom for the benefit of musicians and the larger music industry.
• In March 2023, Apple announced its plans to launch a new standalone app designed specifically for streaming classical music. Apple Music Classical is expected to be available in late March and offer access to more than five million classical music tracks. The company claimed that it will have the world's largest classical music catalog and feature thousands of exclusive albums. The app will be free for users already subscribed to Apple Music, the company’s original music streaming platform. March

Based on the platform, the music streaming market is expected to witness positive growth in the smartphone segment.

The music streaming market has experienced significant growth in recent years, due in large part to the increasing popularity of smartphone platforms. One of the key drivers of growth in the music streaming market on smartphone platforms is the convenience and accessibility that these platforms offer to users. With the ability to stream music from their smartphones, users can access their favorite songs and playlists anytime, anywhere, and without the need for additional hardware.

The North American music streaming market holds sizable portions of the global music streaming market.

Based on geography, the music streaming market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American market is dominated by a few major players, with Spotify and Apple Music leading the way. However, there are also a number of smaller players, such as Pandora, Tidal, and Amazon Music that compete for market share. One of the biggest drivers of growth in the North American market is the increasing use of smartphones and other mobile devices as well as the increasing availability of high-speed internet. The US Census Bureau reports that in 2021, 96% of US households have a smartphone and 77% have a broadband internet connection, indicating the high potential for music streaming adoption in the region. Further, the Asia-Pacific music streaming market is rapidly expanding due to the significantly high rate of smartphone adoption in the region and a significant internet network infrastructure. There is also a range of music streaming platforms available in the region. This diversity has created a highly competitive market, with services competing on price, content, and features to attract and retain users.

Music Streaming Market Scope:

Key Market Segments

• By Type
  • On-demand Streaming
  • Live Streaming
• By Platform
  • Smartphones
  • Laptops & Desktops
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others