Music streaming

Music streaming subscription services market expected to reach approximately US $ 39.9 billion by 2027 – Credence Research

Music streaming subscription services had a market value of $ 19.3 billion in 2020 and are expected to reach $ 39.9 billion by 2027 with a CAGR of 10.9% over the forecast period.

The music streaming subscription services market is expected to grow from US $ 19.3 billion in 2020 to US $ 39.9 billion by 2027 with a CAGR of over 10.9% during the period of forecast from 2021 to 2027.

Global Music Streaming Subscription Services Market, 2020-2027 (USD Million)

The growing popularity of digital platforms, along with the increasing use of smart devices, are expected to positively impact the growth of the industry during the forecast period. Through music streaming subscription services, users can listen to audio, podcasts, and watch music videos. Additionally, these platforms include features like song recommendations, automated playlist customization, and hassle-free accessibility across apps and browsers, all of which should grab the attention of end users throughout. the forecast period. Adding new genres of podcast to these platforms further drives the business. Moreover, the increasing number of service providers and the widespread use of smartphones around the world is positively influencing the growth of the market. To gain a competitive advantage, the main competitors in the market are focusing on integrating cutting edge technologies into their music streaming platforms, such as 5G for streaming, augmented and virtual reality, holograms and artificial intelligence.

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In 2020, the commercial category is expected to maintain its market dominance.

The music streaming subscription services market is divided into two segments based on the end user: residential and commercial. The commercial sector dominates the market in 2020 and is expected to do so throughout the forecast period. Gyms, hair salons, pubs, cafeterias and restaurants are examples of commercial end-use sectors. The category is expected to grow significantly over the projection period due to the increased need to provide a better ambience to attract consumers. In addition, music motivates people to work in a pleasant way, which improves performance. As a result, owners of commercial buildings are increasingly adopting music streaming services.

The Asia-Pacific music streaming subscription services market is expected to grow at the fastest CAGR during the forecast period.

Throughout the forecast period, ACPA is expected to grow faster than the rest of the world. Australia, Singapore, China, India, New Zealand and South Korea are among the developed and emerging economies in the region. Developed countries are expected to make huge strides in this area through improved technological infrastructure. Developing countries are gradually adopting music streaming services in order to improve and streamline their business operations. Densely populated countries like India and China are increasingly turning to music streaming subscription service models to simplify and optimize their business processes. By 2020, North America will have the highest revenue share in the market. During the forecast period, the regional market is expected to remain dominant. One of the most important factors driving the industry in this area is the presence of major market players. In addition, the expansion of these services in the region is facilitated by fixed internet speeds and coverage, a high prevalence of connected devices, and an improved digital payment infrastructure.

Key Players in the Global Music Streaming Subscription Services Market:

Alphabet Inc., Inc., Apple Inc., Deezer, iHeartMedia Inc., Kakao Corp., Sirius XM Radio Inc., SoundCloud Limited, Spotify AB, Tencent Music Entertainment Group, TIDAL and Times Internet are some of the major companies . Consider the following scenario: Apple Inc. acquired Primephonic, a classical music streaming service, in August 2021. It is intended to provide an incredible listening experience as well as study the features suitable for classical music, recordings. and high quality music, thereby strengthening the music subscription service industry. Amazon will launch the Amazon Music app in Chile and Colombia in November 2021, giving customers access to millions of songs in high-quality, on-demand, ad-free audio. It features millions of songs, hundreds of locally adapted stations and playlists, and popular podcasts, as well as live streaming in conjunction with Twitch and original new shows created exclusively for Amazon Music.

Market segmentation

Global music streaming subscription services market by streaming type, 2015-2027

  • Audio streaming
  • Video streaming

Global music streaming subscription services market by type of service, 2015 – 2027

  • Broadcast on demand
  • Live broadcast

Global End-User Music Streaming Subscription Services Market, 2015 – 2027

Global Music Streaming Subscription Services Market By Company

  • Alphabet Inc.
  • com, Inc.
  • Apple Inc.
  • Deezer
  • iHeartMedia, Inc.
  • Kakao Corp.
  • Radio Sirius XM inc.
  • SoundCloud Limited
  • Spotify AB
  • Tencent musical entertainment group.
  • TIDE
  • Internet schedules

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