Online Music Streaming Market Size Is Estimated To Reach $24,711.3 Million By 2027, Growing A Huge Demand And Opportunity In 2021-2027

According to a new report published by Allied Market Research, titled, Online Music Streaming Market by Service, Revenue Model, Platform, End User, and Content Type: Global Opportunity Analysis and Industry Forecast, 2021–2027,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape.

The global online music streaming market size is expected to reach $24,711.3 million by 2027 at a CAGR of 9.8% from 2021 to 2027.

Online music streaming is a means of delivering music without downloading any file from the internet. Music is stored on the servers’ database and is instantly transferred to the streamer or users’ device in real time over the internet. Online music streaming services allows users to stream online music videos, audio songs, podcasts, and live performances of artists. Online music streaming service providers offer certain features such as customized playlists, song recommendations, and easy accessibility to music on both the app and browser platforms. Increase in popularity of podcasts is attracting consumers’ attention lately, and is expected to drive the growth of the global market during the forecast period.

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In addition, online music streaming has gained high traction in the past few years, due to surge in adoption of smart devices such as smartphones and increase in popularity of digital platforms such as Spotify, Amazon Music, and Deezer. Moreover, wide-scale penetration of internet across the globe is positively impacting the online music streaming market.

According to the International Federation of Phonographic Industry (IFPI), around 62.1% of the revenue of the global recorded music market comes from online streaming. These factors are anticipated to or propel the growth of the global online music streaming market during the forecast period.

On the basis of the revenue model, the subscription model was the dominating segment in 2019, due to immense increase in the number of paid subscribers in the past few years. Moreover, most of the players in the global online music streaming market operate on the non-subscription or the freemium model majorly to attract huge customer base. Spotify, the leading player in the market, focuses majorly on the subscription model, whereas Pandora, one of the major players, focuses on the freemium model.

On the basis of end user, the individual segment garnered the highest online music streaming market share of 76.3% in 2019, owing to the fact that emergence of online music streaming services have enabled users to access millions of songs easily. Moreover, changes in lifestyle of individuals, which comprise listening to music during commuting, daily chores, and exercising have propelled the growth of the individual segment.

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According to the global online music streaming market analysis, in 2019, North America dominated the market, garnering 38.1% of market share, followed by Europe. North America and Europe are characterized by high disposable income and elevated demand & consumption of music, thus making them the leading online music streaming markets. However, Asia-Pacific is expected to show promising growth rate, due to rise in penetration of internet and increase in adoption of smartphone coupled with surge in internet users. LAMEA is estimated to grow at the fastest rate, due to surge in demand for local and regional songs among consumers.

Key Market Players Profiled In The Report:

• Amazon Inc.
• Anghami
• Apple Inc.
• Deezer
• iHeartRadio
• NetEase Inc.
• Pandora Media LLC.
• Spotify AB
• Tencent Music Entertainment
• Tidal.

Key findings of the study

○ The online music streaming market size was valued at $12,831.2 million in 2019, and is estimated to reach $24,711.3 million by 2027, growing at a CAGR of 9.8% during the forecast period.
○ By content type, the video segment is estimated to witness the fastest growth, registering a CAGR of 10.1% during the forecast period.
○ In 2019, depending on revenue model, the subscription segment was valued at $9,586.5 million, accounting for 74.7% of the global online music streaming market share.
○ In 2019, the U.S. was the most prominent market in North America, and is projected to reach $4,197.5 million by 2027, growing at a CAGR of 9.5% during the forecast period.

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