Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Music Streaming Market size was valued at USD 46.71 billion in 2024 and is projected to cross USD 252.58 billion by the end of 2037, expanding at more than 14.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of music streaming is estimated at USD 52.02 billion.
The primary growth factors of the market are attributed to the expansion of the music industry and a rise in the number of music streaming subscribers across the world. Latest reports suggest that the number of music streaming users soared from nearly 300 million in 2019 to 525 million in 2021 worldwide.
The increasing emphasis on curating platforms where people can browse music videos, podcasts, and stream videos is expected to boost the market during the assessment period. The high involvement of people in the music industry is thus forecasted to fuel the market growth. In the United States, there are approximately 105,000 musical groups and music artist employees as of 2022, with an annual employment growth of 4% from 2017 to 2022.
Music Streaming Sector: Growth Drivers and Challenges
Growth Drivers
- Growth in the Music Industry – Music streaming services allows the users various benefits such as seamless music streaming every minute, hassle-free accessibility, personalized customization, free trials and many others. All the great features are forecasted to propel the market growth which is further anticipated to expand the music streaming market size in the future. Latest reports suggest that the global music industry gathered almost USD 29 billion in 2021, an increment from 2018 with USD 18 billion.
- Increased Preference of Streamed Music – The modern music community has been focusing on offering a personalized experience with high-quality music preferences as per the user. This has pushed users to consume streamed music, which is forecasted to bring lucrative opportunities for the key players in the market. As per calculations done in 2022, it was estimated that approximately 80% of the global population listens to music using music streaming services.
- Penetration of Smart Phones – The latest reports stated that in 2021, there were almost 15 billion mobile devices operating worldwide, up from 14 million in the previous year. This number is further expected to surpass 18 billion by 2025.
- Rising Digitization – Recently, it has been estimated that 60% of global gross domestic product (GDP) is anticipated to be digitized by 2022. Also, till 2018, companies all over the world have invested more than 1 trillion in digital transformation efforts.
Challenges
- Privacy and Security Concerns – People need to subscribe to music streaming platform by entering personal data. This generates the concerns related to data invasion and hacks. Thus, the increased cyber hacking and cyber-attacks cases is expected to hamper the market growth.
- Rising Copy-right Issues
- Digital Gap in Various Areas
Music Streaming Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
14.1% |
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Base Year Market Size (2024) |
USD 46.71 billion |
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Forecast Year Market Size (2037) |
USD 252.58 billion |
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Regional Scope |
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Music Streaming Segmentation
Service Type (On-demand Streaming, Live Streaming)
The global music streaming market is segmented and analyzed for demand and supply by service type into on-demand streaming and live streaming. Out of these, the on-demand streaming segment is attributed to garner the highest market share by 2037, owing to its high demand among the population. On-demand streaming music is rising among the new generation owing to its latest and demand among themselves. Recent data from 2022 stated that in the United States there are almost 82 million paid subscribers to on-demand music streaming.
Our in-depth analysis of the global market includes the following segments:
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By Service Type |
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By Platform |
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By Content Type |
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By End-User |
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Customize this ReportMusic Streaming Industry - Regional Synopsis
The North America market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The primary growth factor of the music streaming market in the region is attributed to the presence of major key players. Further, the rise in music streaming users in the region is considered to be another growth factor in the market. The latest statistics revealed that the music streaming segment in the United States is estimated to have around 155 million users by 2027. The user penetration in the region was also calculated to be 35% in 2022, which is forecasted to hit 45% by 2027. Additionally, the increased preference for listening to music among the population is expected to bring in growth opportunities in the market. As per a latest report published in 2022, it was calculated that Americans stream almost one trillion songs per year.
Companies Dominating the Music Streaming Landscape
- Spotify
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Aspiro AB
- SoundCloud, Inc. and Repost Network Inc.
- Google LLC
- Tencent Music Entertainment Group
- Apple Inc.
- Pandora Media, LLC
- Deezer
- Amazon.com, Inc.
- TuneIn, Inc.
In the News
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Spotify and Samsung’s partnership has allowed the users to connect their devices for a seamless musical experience. Galaxy Watch5, Galaxy Watch5 Pro, and Galaxy Buds2 are enabled with Spotify Tap that allows you connect and stream music effortlessly.
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SoundCloud, Inc. and Repost Network Inc. has acquired Musiio, to expand the company’s existing music intelligence capabilities and allow to further leverage its vast data to identify what’s next in music trends and talent.
Author Credits: Abhishek Verma
- Report ID: 4383
- Published Date: Oct 10, 2024
- Report Format: PDF, PPT
