New York, USA, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Music Streaming Market Overview:
The music streaming market demonstrates significant potential growth. Market Research Future (MRFR) confirms that the music streaming market value will settle at USD 120.5 BN by 2032, escalating from USD 34.8 BN in 2022, with a 14.80% CAGR throughout the forecast period (2023 - 2032). Growing smartphone penetration and the shift from physical to digital consumption are the key market drivers.
The proliferation and growing popularity of streaming apps among people increases sales of headphones, headsets, soundbars, speaker systems, and microphones. Besides, rising advances in connectivity and Bluetooth technology boost the market growth. Key audio streaming and live entertainment trends boost music streaming market shares. With the vast availability of various audio devices, the market will likely grow exponentially in the next few years.
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Music streaming apps and technologies find vast uses, especially among youngsters. Additionally, the rising sales of smartphones and growing preference for listening to music while on other tasks, like cooking or traveling, escalate the music streaming market value to further heights. The market has witnessed high growth in recent years, led by the increasing popularity of portable products.
The growing popularity of integrated music streaming platforms such as Spotify and iTunes influence the market rise. These developments also presage the heydays the music streaming market will soon perceive. Observing the rise in the consumption of music audio-video content worldwide, market players are increasingly upgrading their technology and services with more functions and quality and fostering R&D investments.
Market Competitive Landscape:
- Amazon.com, Inc.,
- Apple, Inc.,
- Google LLC,
- Deezer,
- Spotify AB,
- Pandora Media, Inc.,
- SoundCloud Limited & Co. KG,
- Tencent Music Entertainment Group,
- iHeartMedia, Inc.,
- among others
Scope of the Report – Music Streaming Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 34.8 Billion |
| CAGR during 2023-2032 | 14.80% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Increasing use of cloud-based services like Spotify. |
| Key Market Dynamics | Digital platforms now offer regional content. |
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Music Streaming Market Industry Trends
As podcasts and digital media keep trending, market revenues will keep increasing. However, many major podcast providers do not glean indicative trends, such as the demographic divide and the fact that general podcast listeners account for larger shares. The most popular podcast sources, such as Spotify, Apple, and Pandora, are beginning to cap out, with domestic growth slowing overall.
Streaming service users and subscribers translate into increased streaming gears, apps & solutions, and services. Emerging markets across the globe present untapped music streaming market opportunities. The growing consumption of live music video content and the advent of many streaming platforms Streaming platform providers are tapping into the collectible and enthusiast communities in developing regions to help capitalize on live streaming's early success.
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Music Streaming Market Segments
The music streaming market is segmented into services, platforms, content types, end-uses, and regions. The service segment is sub-segmented into on-demand and live-streaming services. Of these, the on-demand segment dominates the market, witnessing the largest market share.
On-demand streaming services can significantly reduce illegal music streaming by enabling music downloads. Thus, it benefits all parties involved, from distributors to musicians. Besides, on-demand streaming services enhance customer experience by providing the convenience of discovery features and tailored recommendations.
The platform segment is sub-segmented into apps and browsers. The app is the largest segment in the market, garnering huge popularity due to its accessibility and many features that can improve the overall music streaming experience.
The content type segment is sub-segmented into audio and video. The audio segment holds the largest market share, witnessing a significant uptake. Audio music streaming allows users to take part in various activities simultaneously. Most users prefer listening to music while doing various activities like exercising or doing household chores, fostering the audio-music streaming segment growth.
The end-use segment is sub-segmented into individual and commercial. Of these, the individual segment dominates the market share. The younger generations are increasingly embracing music streaming solutions. The segment is anticipated to expand throughout the review period due to the expansion of wireless networks and the rising adoption of mobile devices.
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Regional Analysis
North America dominates the music streaming market. The vast availability of audio devices and advances in streaming technologies drive the market growth. Besides, the growing popularity of streaming platforms and high per capita disposable income accelerate the region's music streaming market share. The large base of music streaming app developers in the region boosts the market size. They also strive to provide their customers with audio streaming and monetization services.
Competitive Analysis
Highly competitive, the music streaming market appears diversified with the presence of many popular brands. Players initiate strategies such as collaboration, mergers & acquisitions, expansion, and product/technology launches to gain a larger competitive share. Industry players make substantial investments locally and in emerging countries to expand their footprints and distribution networks.
For instance, on Aug. 22, 2023, SRMG Ventures, a leading venture capital unit of Saudi Research and Media Group, announced a $5 MN strategic investment in Anghami to tap into a fast-growing audio streaming market in the Middle East and North Africa (MENA). The investment will enable SRMG to capture a larger share of the fast-growing audio streaming market in the MENA region. The company plans to bolster Anghami's growth trajectory through its reach, content library, and audio/podcast assets portfolio.
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