Persistence Market Research (PMR) recently published a report titled “Music Streaming Market – Global Industry Analysis 2013-2017 and Market Forecast 2018-2026”. Music streaming has seen a resurgence over the past three years with increasing digitization and growing adoption of digital music. Due to the increasing adoption of streaming music, there is a declining market share of downloaded music, in the global digital music market, in terms of value.
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The global music streaming market is expected to grow at a CAGR of 19.8% during the forecast period. Music Streaming Market was valued at US$6,423.6 million in 2017 and is projected to grow significantly to reach US$33,489.4 million by 2026 owing to falling data charges and internet speed increase.
In this report, PMR has segmented the global music streaming market on the basis of streaming type, end user, content type and region. By streaming type, the market is sub-segmented into robust live streaming and on-demand streaming. With the increasing introduction of audio music streaming apps, offering advanced features with its subscription music streaming apps, end users around the world have started adopting on-demand music streaming services. However, due to the presence of a large audience on YouTube, a considerable market share is also held by the live streaming segment. One of the recent developments seen in this segment is the introduction of subscription-based YouTube music streaming option. This, therefore, is expected to drive the growth of the on-demand music streaming segment.
Based on end user, the music streaming market is sub-segmented into residential and commercial. The growth in consumer disposable income and increasing adoption of advanced consumer electronics devices such as smartphones and laptops across the world, especially in developing countries such as China, India, etc. are some of the major factors driving the growth of the residential sub-segment, in the global music streaming market. In addition to this, owing to the restrained adoption of music streaming in the business segment, the same segment is therefore expected to witness a relatively lower CAGR in the global music streaming market.
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Based on content type, the music streaming market is sub-segmented into audio streaming and video streaming. The low cost associated with advertisements shown on free video music streaming apps like YouTube, especially in the Asia-Pacific region, compared to free audio music streaming apps, is one of the factors driving the market value restriction of the global music streaming market. In addition to this, the increase in the number of audio music streaming service subscribers globally, complemented by the high prices associated with subscription in all major audio music streaming apps such as Apple, Spotify , Amazon Music, etc., has been a driving force for the audio streaming segment.
Further, on the basis of geography, North America music streaming market is expected to dominate the global music streaming market owing to the high adoption of digital music in the US, availability of resources to offer a advanced music streaming experience to end users, and high disposable income of end users, in the region. The region has also witnessed the adoption of advanced data services such as uninterrupted 4G and high-speed broadband connectivity for the past four years. These factors are fueling the growth of the music streaming market in North America. Additionally, the music streaming market has strong potential in SEA & Pacific and China owing to the growing adoption of free music streaming apps such as JOOX, Saavn, Gaana, etc.
According to PMR’s analysis, growing awareness against the adoption of pirated content, high growth opportunities in developing countries, and increased establishments of new music streaming service providers are likely to increase the revenue and new innovation strategies to enable music streaming manufacturers to reach new growth markets. Some of the market players in the global music streaming market report include Apple, Google, Spotify, Deezer, Pandora, SoundCloud, JOOX, Amaon Music, iHeartRadio, and TIDAL.
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