Music Streaming Market Size 2021 At More Than 14.6% CAGR By 2030 | Acumen Research and Consulting

Global Music Streaming Market Size in 2021 was USD 29,563 Million, Market Value set to reach USD 100,734 Million at 14.6% CAGR by 2030

Music Streaming Market Overview

The music streaming market has revolutionized the way we consume music, providing on-demand access to an almost unlimited library of songs and albums. This technology has been embraced by millions of users worldwide, making it a rapidly growing industry. With the rise of high-speed internet and mobile devices, music streaming services have become more accessible and convenient, allowing consumers to enjoy their favorite tunes on the go. These services not only provide a vast selection of music, but also offer personalized recommendations, curated playlists, and other innovative features to enhance the listening experience. In addition to its primary application in music consumption, the music streaming market has also led to the emergence of new business models, such as artist collaborations, music discovery platforms, and ad-supported streaming services. As the music streaming market continues to evolve, it is expected to provide more diverse and unique applications that cater to the needs and preferences of music lovers worldwide.

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Music Streaming Market Research Report Highlights and Statistics

● The global Music Streaming market size in 2021 stood at USD 29,563 Million and is set to reach USD 100,734 Million by 2030, growing at a CAGR of 14.6%
● The music streaming market is dominated by a few major players, with the top five companies accounting for over 80% of the market share.
● On-demand streaming, which allows users to select and play specific songs or albums on demand, is the most popular music streaming format, accounting for over 80% of the market.
● The COVID-19 pandemic has had a significant impact on the music streaming market, with many consumers turning to streaming services as a primary source of entertainment while in-person events were canceled or restricted.
● Despite its rapid growth, the music streaming market faces challenges such as licensing and royalty disputes, regulatory hurdles, and increasing competition from social media platforms and other audio services.
● Emerging countries, particularly in Asia, are expected to drive significant growth in the music streaming market in the coming years.

Trends in the Music Streaming Market

● Live streaming and virtual concerts: In response to the pandemic, many artists have turned to live streaming and virtual concerts as a way to reach their fans and generate revenue.
● Personalized music curation: Music streaming services are increasingly using machine learning algorithms to personalize recommendations for individual users based on their listening habits and preferences.
● Integration with social media: Music streaming platforms are partnering with social media sites to offer seamless integration, allowing users to share and discover new music through their social networks.
● Collaborations with other industries: Music streaming companies are partnering with other industries, such as fashion and sports, to offer unique and exclusive content for their users.
● In-app purchases: Music streaming platforms are offering in-app purchases, such as concert tickets and merchandise, to generate additional revenue and increase user engagement.
● HD audio streaming: Some music streaming services are offering high-definition (HD) audio streaming, which provides higher quality sound than traditional streaming.
● Smart speaker integration: Music streaming services are integrating with smart speakers, such as Amazon Alexa and Google Home, to offer voice-activated music control and personalized recommendations.

Music Streaming Market Dynamics

● Convenience and accessibility: Music streaming services offer a convenient and accessible way for people to access their favorite music from anywhere and at any time.
● Wide selection of music: Music streaming platforms offer a vast library of songs and albums from various genres, making it easy for users to discover new artists and expand their musical taste.
● Personalization: Many music streaming services use algorithms to personalize music recommendations for individual users, based on their listening habits and preferences.
● Social sharing: Many music streaming platforms allow users to share their playlists and music preferences with their friends and followers on social media, enhancing the social experience of listening to music.
● Ad-supported free tiers: Some music streaming services offer ad-supported free tiers, making it an attractive option for users who do not want to pay for a subscription.
● Artist exclusives: Many music streaming services offer exclusive content from popular artists, attracting users to their platform.
● Integration with other services: Music streaming services are integrating with other services, such as fitness and wellness apps, to offer a more personalized experience for users.
● Pocket Friendly: Music streaming services typically offer a low cost subscription fee, making it an affordable option for people to enjoy their favorite music.

Growth Hampering Factors in the market for Music Streaming

● Royalty payments: The royalty payments made to artists and labels have been a contentious issue for music streaming services, leading to legal battles and protests from artists, which can lead to decreased revenue and user trust.
● User churn: Users may cancel their subscription if they do not find the service valuable, leading to decreased revenue and market share for music streaming services.
● Internet connectivity: The availability and quality of internet connectivity can significantly impact the growth of music streaming services, especially in regions with limited internet access.
● Music licensing: Music streaming services must obtain licenses to stream music, and the licensing process can be complex and expensive, affecting their ability to provide music to users.
● Limitations on content: Some music streaming services may not have the rights to stream certain music or offer exclusive content, which can limit their appeal to users.
● Ad-blocking software: Users can use ad-blocking software to skip ads, reducing revenue for music streaming services.
● Piracy: Despite the availability of legal streaming services, piracy remains a significant threat to the music industry and can hamper the growth of music streaming services.

Music Streaming Market Key Players

Spotify, Apple Music, Amazon Music, YouTube Music, Pandora, Deezer, Tidal, Google Play Music, SoundCloud, iHeartRadio, Napster, Tencent Music, Gaana, JioSaavn, Anghami, Yandex Music, KKBOX, Melon, JOOX and NetEase Cloud Music
These companies offer a range of features, including personalized playlists, ad-supported and ad-free listening, exclusive content, and integration with other services such as smart speakers and social media platforms.

Market Segmentation

● Type Of Service
○ Live Streaming
○ On Demand Service

● By Type Of Content
○ Video
○ Audio

● By Platform
○ Browsers
○ Apps

● By End Use
○ Commercial
○ Individual

Music Streaming Market Overview by Region

● North America's Music Streaming market share is the highest globally, being dominated by major players such as Spotify, Apple Music, and Amazon Music. The market is competitive, and users have a wide range of options to choose from. North American users tend to prefer hip-hop, R&B, and pop music, and podcasts are also becoming increasingly popular.
● The Asia-Pacific region's Music Streaming Market share is also huge and is growing at the fastest rate, with a large and young population driving demand for digital music. Major players such as Spotify, Apple Music, and Tencent Music are competing for market share in the region. Asia-Pacific users tend to prefer pop and rock music, and local music is also popular in some countries.
● Europe is another key market for Music Streaming, with several local players such as Deezer, Tidal, and Qobuz competing against global giants such as Spotify and Apple Music. European users tend to have a more eclectic taste in music, with a preference for electronic music and indie rock.
● The Latin American: The Latin American music streaming market share is dominated by local players such as Deezer, Claro Música, and Tidal, which are competing against global giants such as Spotify and Apple Music. Latin American users tend to prefer reggaeton and Latin pop music, and podcasts are also becoming increasingly popular.
● Middle East and Africa: The Middle East and Africa music streaming market size is still in its early stages, but it is growing rapidly, driven by the availability of affordable smartphones and improving internet connectivity. Major players such as Spotify, Deezer, and Anghami are competing for market share in the region. Middle Eastern and African users tend to prefer local music and Arabic pop music.

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