Music Streaming Market Trends

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