Music Streaming Service Market Size & Analysis Report by Content Type, By End-use, By Service and By Region – Global Opportunities & Forecast, 2021-2028
Music Streaming Service Market Size & Analysis Report by Content Type (Video and Audio), By End-use (Commercial and Individual), By Service (Live streaming and On-demand streaming), and By Region
Music Streaming Service Market is accounted for USD 19,300 million in 2020, growing at a robust CAGR of 17.8% during forecast period.
Music Streaming Service Market Overview
Music streaming subscription service allows users to stream and listens to music by connecting to the internet. Internet is the part of their service; it offers full-length content without the listener downloading or purchasing the file. The rising in the number of service providers along with the presence of different subscription schemes is positively boost the market growth.
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Major Music Streaming Service Market Drivers
The factors driving the global Music Streaming Service Market include the rising penetration of smart devices which has a positive impact on the growth of this industry. For instance, according to the Tencent Music Entertainment Group, in 2020, the online music players grew by 50.4% year over year to 42.7 million, and the year-over-year revenue from the online music subscriptions increased by 70.0% in the first quarter of 2020. Moreover, increasing popularity for live streaming during the Covid -19 has also boosted the growth of this market. Furthermore, key market players are focusing on using advanced technologies, such as IoT based technology, Augmented Reality (AR), Virtual Reality (VR), 5G for streaming, hologram, and Artificial Intelligence (AI), into their music streaming platforms boosted the growth of this market. For instance, Deezer is a French music streaming platform that offers a fully immersive AR music experience to the users, leveraging a specially created Snapchat lens. Additionally, rising number of online subscriber will further boost the growth of this market. For instance, Spotify is ruling around the globe with more than 27 million subscriber in just between Q1 2020 to Q1 2021.
Restraint in the Music Streaming Service Market
However, cost associated with the subscription of streaming music is high which has hampered the growth of this market. Free subscriptions are offered by the company for a few months after that the user needs to buy the subscriptions to continue the service, this has also restrained the growth for music streaming service market.
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Content Type – Segment Analysis
Based on the Content Type, the audio segment is expected to grow at a higher CAGR rate in the global Music Streaming Service Market during the forecast period due to the increasing preference of consumers for multi-tasking of works such as listening music while working, running, or doing exercise. Additionally, some key players such as Spotify AB provides free online streaming music to the users which has boosted the growth of this segment.
End-use – Segment Analysis
Based on the End-use, individual segment is projected to grow at a higher CAGR rate in the global Music Streaming Service Market during the forecast period. The changing lifestyle of users, which often comprises of listening to songs during their daily work, will propel the growth. Moreover, company offering free subscription for music with HD sound quality will further boost the growth of this market. Moreover, with the increasing penetration of mobile devices and rising number of online music subscribers, the music streaming market is also increasing, boosting the growth of this segment. For instance, in 2020 google has announced that 50 million users subscribed or trying YouTube music and YouTube premium.
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Regional – Segment Analysis:
Based on the region, Asia Pacific region is expected to grow at a higher CAGR rate in the global music streaming Service Market during the forecast period due to the rising penetration of the internet and increasing population in this region. Moreover, some internet providers are also providing free subscription to the online music streaming which further boost the growth of this region. for instance, Airtel service provider is providing one-year free subscription for the Wynk app whereas Jio is offering the online music streaming on JioSaavan app for its service user.
Top Market Players
Various notable players operating in the market, include, Apple Inc., Amazon.com, Inc., Spotify AB, Deezer, SoundCloud Limited, Pandora Media, Inc., Tencent Music Entertainment Group, Saavn Media Pvt Ltd, Google LLC, Airtel Digital Limited, among others.
Key Developments:
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- In Nov-2020: Deezer partnered with the Orange Egypt. This partnership will allow customers in Egypt to sign up for Deezer Premium with the unlimited access to music and podcasts. It has also offered the new users with one month of free Deezer Premium
- In May-2020: Spotify has signed an agreement with Saregama an Indian record label which enabled Spotify to add more songs to its list in India with the access to the songs by various Indian artists
Segments covered in the Report:
The global Music Streaming Service Market has been segmented on the basis of Content Type, End-use, Service and regions. Based on Content Type, the market is segmented into Video and Audio. Based on End-use, the market is segmented into Commercial and Individual. Based on Service, the market is segmented into Live streaming and On-demand streaming.
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|
Report Coverage |
Details |
| Market Base Year |
2020 |
| Market Forecast Period |
2021-2028 |
| Market Revenues (2020) |
USD 19,300 Million |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Content Type, By End-use, By Service, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | Apple Inc., Amazon.com, Inc., Spotify AB, Deezer, SoundCloud Limited, Pandora Media, Inc., Tencent Music Entertainment Group, Saavn Media Pvt Ltd, Google LLC, Airtel Digital Limited, among others; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Music Streaming Service Market by Content Type
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- Video
- Audio
Global Music Streaming Service Market by End-use
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- Commercial
- Individual
Global Music Streaming Service Market by Service
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- Live streaming
- On-demand streaming
Global Music Streaming Service Market by Region
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North America Music Streaming Service Market (Option 1: As a part of the free 25% customization)
- North America Music Streaming Service Market by Content Type
- North America Music Streaming Service Market by End-use
- North America Music Streaming Service Market by Service
- US Music Streaming Service Market All-Up
- Canada Music Streaming Service Market All-Up
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Europe Music Streaming Service Market (Option 2: As a part of the free 25% customization)
- Europe Music Streaming Service Market by Content Type
- Europe Music Streaming Service Market by End-use
- Europe Music Streaming Service Market by Service
- UK Music Streaming Service Market All-Up
- Germany Music Streaming Service Market All-Up
- France Music Streaming Service Market All-Up
- Spain Music Streaming Service Market All-Up
- Rest of Europe Music Streaming Service Market All-Up
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Asia-Pacific Music Streaming Service Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Music Streaming Service Market by Content Type
- Asia-Pacific Music Streaming Service Market by End-use
- Asia-Pacific Music Streaming Service Market by Service
- China Music Streaming Service Market All-Up
- India Music Streaming Service Market All-Up
- Japan Music Streaming Service Market All-Up
- Rest of APAC Music Streaming Service Market All-Up
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RoW Music Streaming Service Market (Option 4: As a part of the free 25% customization)
- RoW Music Streaming Service Market by Content Type
- RoW Music Streaming Service Market by End-use
- RoW Music Streaming Service Market by Service
- Brazil Music Streaming Service Market All-Up
- South Africa Music Streaming Service Market All-Up
- Saudi Arabia Music Streaming Service Market All-Up
- UAE Music Streaming Service Market All-Up
- Rest of world (remaining countries of the LAMEA region) Music Streaming Service Market All-Up
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Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Apple Inc.
- com, Inc.
- Spotify AB
- Deezer
- SoundCloud Limited
- Pandora Media, Inc.
- Tencent Music Entertainment Group
- Saavn Media Pvt Ltd
- Google LLC
- Airtel Digital Limited
Frequently Asked Question About This Report
Music Streaming Service Market [UP1338A-00-0620]
The growth rate of Music Streaming Service Market during forecast period is 17.8%.
The top players in the Music Streaming Service Market are Apple Inc., Amazon.com, Inc., Spotify AB, Deezer, SoundCloud Limited, Pandora Media, Inc., Tencent Music Entertainment Group, Saavn Media Pvt Ltd, Google LLC, Airtel Digital Limited, among others.
The Asia Pacific region is expected to grow at a higher CAGR rate in the music streaming Service Market during the forecast period due to the rising penetration of the internet and increasing population in this region.
The individual segment is projected to grow at a higher CAGR rate in the global Music Streaming Service Market during the forecast period. The changing lifestyle of users, which often comprises of listening to songs during their daily work, will propel the growth.
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