Music Streaming Market to Grow at CAGR of 10.2% through 2033 – Rising Popularity & Increased Podcast Genres to Propel Growth
The widespread use of smartphones and the availability of high-speed mobile internet have been crucial in driving the growth of the music streaming market.
Newark, Sept. 04, 2024 (GLOBE NEWSWIRE) — The global music streaming market was valued at USD 25.75 billion in 2023 and is projected to grow at a CAGR of 10.2% from 2024 to 2033, reaching USD 61.72 billion by 2033. This growth is driven by the rising popularity of music streaming platforms and increasing disposable incomes. Major digital music services include Spotify, YouTube Music, Pandora, SoundCloud, iHeartRadio, and Apple Music. The forecast period is expected to see a significant rise in the use of smart devices and digital platforms. Music streaming services, which encompass online portals for streaming music videos, audio tracks, and podcasts, are favored for their features like automatic playlist creation, personalized song recommendations, and seamless connectivity via apps or web browsers. The expansion of podcast genres on these platforms also contributes to the market’s growth.
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Leading companies in the industry include Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer SA, Pandora Media, Inc., Tencent Music Entertainment Group, Tidal, SoundCloud Global Limited & Co. KG, iHeartMedia, Inc. offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 10.2% |
| 2023 Value Projection | USD 25.75 billion |
| Market Size in 2033 | USD 61.72 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors And Latest Trends |
| Segments Covered | Content Type, Platform, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Music Streaming Market Growth Drivers | Rising Popularity |
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Recent Developments
In July 2020, Spotify expanded its services to Russia and twelve other European countries, including Albania, Belarus, Croatia, Kazakhstan, Kosovo, Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, Serbia, Slovenia, and Ukraine.
Drivers:
Rising Popularity: The market is being driven by increasing demand for music streaming services. In Q2 2022, global users of premium subscription services grew by 30.5%, with one million new users joining each month. The advancement of wired and wireless technologies, including 3G, 4G, and 5G, is enhancing internet bandwidth and promoting the global adoption of music streaming. These services also help prevent unauthorized music downloading and sharing, appealing mainly to subscribers aged 18 to 40.
Restraints:
Lack of Ownership: A significant drawback of music streaming services is the lack of ownership of songs. Additionally, not all streaming platforms support music downloads, meaning users need an internet connection to access their music. This lack of ownership may deter potential subscribers and slow industry growth during the forecast period.
Opportunities:
Launching New Services: Providers are continuously introducing new and distinct music streaming services. Platforms like YouTube Music, Spotify, Pandora, Deezer, and Tidal offer various features such as cross-platform access, automatic playlist customization, and high-quality sound. For example, YouTube Music and Pandora provide personalized recommendations. YouTube Music, leveraging data from Google accounts and AI, recommends music based on user preferences and current location.
Regional Segmentation Analysis
The market is segmented into North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest music streaming market, holding a 42% revenue share in 2023. Key players such as Pandora Media, Inc., Amazon.com, Inc., Google LLC, and Apple Inc. are driving growth in the region. The availability of fixed wireless internet, smart devices, and online payment technologies is also contributing to regional market expansion. For instance, Amazon.com, Inc. has launched a new Music HD service offering lossless tracks and downloads in the U.S. Moreover, advancements in artificial intelligence, virtual reality, and machine learning are expected to enable providers to offer personalized playlists and enhanced user experiences, further fueling market growth.
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