According to a recent market study published by Growth Market Reports, titled, “Global Music Streaming Subscription Service Market By Product Types (Audio Streaming and Video Streaming), Service Types (Live Streaming and On-demand Streaming), And End Users (Residential and Commercial), and Regions: Size, Share, Trends and Opportunity Analysis, 2020-2028“, the market was valued at US$ 18,323.5 Million in 2020 and is expected to expand at a growth rate of 10.8% by 2028. Streaming music subscriptions are extremely popular. Apple Music, available on Windows and Mac computers, is a streaming music subscription with over 40 million songs that one can stream to the computer. Amazon Music and YouTube Music offer similar subscriptions, and all these paid programs offer free trials that allow a person to evaluate their services. Some services such as Spotify, Deezer, and Pandora provide free levels of ad-supported music with the option of premium paid levels.
Key Market Players Profiled in the Report
- Spotify
- Apple Inc.
- Amazon.com, Inc.
- Tencent Music Entertainment Group
- Alphabet Inc.
- Deezer
- Sirius XM Radio Inc.
- Sound Cloud Limited
- TIDAL
- Kakao Corp.
- iHeartMedia, Inc.
- Times Internet
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the industry’s market dynamics. In addition, it provides an in-depth analysis of the market segments, including products, applications, and competitor analysis.
This report also includes a complete analysis of industry players covering their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Music Streaming Subscription Service Market
The music streaming subscription service market is segmented into audio and video streaming in terms of product types. Over the projected period, the audio streaming segment is expected to dominate the market. The increasing volume of audio music streaming service subscribers globally, complemented by the high prices associated with the subscription across all major audio music streaming applications such as Apple, Spotify, Amazon Music, etc., has been a major driving factor for the audio streaming segment. The video streaming segment is expected to expand at a significant CAGR, due to increase in recent years as the ads are shown while streaming video on channels such as YouTube and Voot generate more revenue than audio streaming also it allows viewing the video online without being downloaded to a computer or host device. The audio streaming segment is projected to expand at a rapid CAGR, which is expected to grow at a significant CAGR during the forecast period owing to audio streaming utilizing system buffering and a secure data streaming platform to enable end-users to listen to full audio files without interruption, which is expected to drive segment growth.
The music streaming subscription service market is segmented into on-demand and live streaming in terms of service type. The on-demand segment is expected to dominate the market during the forecast period, owing to the streaming video, which has altered the way we watch videos on the internet; Amazon Web Services (AWS) offers two OTT video streaming solutions in the AWS Cloud to cost-effectively distribute media content to global viewers. Over the forecast period, the demand for live streaming is expected to increase, due to development in live streaming services with a robust infrastructure and a good content delivery network (CDN) to achieve high-quality video.
In terms of end-users, the music streaming subscription service market is bifurcated into residential and commercial. Over the projected period, the commercial segment is expected to dominate the market. Increasing development projects of commercial complexes, restaurants, gyms, health clubs, and malls, also due to growing digital music, and music keeps the employees happy and maintains their energy while doing their respective work is expected to boost the sale of music streaming subscription services in the commercial market. Over the forecast period, the demand for the residential segment is expected to increase, due to growth in consumer electronics, high-speed internet services, high net disposable income, and internet penetration in developing countries, which are driving the growth of the music streaming subscription service market.
Based on regions, the global music streaming subscription service market is fragmented into North America, Europe, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2020. The market in regions such as Asia Pacific (APAC) and North America is anticipated to expand at a substantial CAGR during the forecast period. North America is expected to dominate the global music streaming subscription service market in the forecast period due to the high adoption of digital music in the U.S., availability of resources for offering advanced music streaming experience to the end-users, and high disposable income end-users, in the region. In addition, the region has witnessed the adoption of advanced data services such as uninterrupted 4G and high-speed broadband connectivity. These factors fuel the growth of the music streaming market in North America.
The music streaming market has high potential in Latin America & the Asia Pacific, and China due to the increasing adoption of free music streaming applications such as JOOX, Saavn, and Gaana. The Asia Pacific holds a substantial share of the market during the forecast period, due to rapid increase in commercial activities in the region and significant global market growth, due to changes in the industry, such as increased demand due to the region’s growing growth middle-class population.
Over the forecast period, several factors, such as the expanding industrial sector and increased investments in the hearing aid batteries infrastructure sector, are expected to boost the demand for music streaming subscription services in North America.
Key Takeaways from the Study:
- The North America segment held a 31.1 % market value share in 2020. The segment is projected to account for the largest share of the market during the forecast period.
- The U.S. in North America segment held an 86.9% market value share in 2020. The segment is projected to account for the largest share of the market during the forecast period.
- Key players including Spotify, Apple Inc., Amazon.com, Inc., Tencent Music Entertainment Group, Alphabet Inc., Deezer, Sirius XM Radio Inc., Sound Cloud Limited, TIDAL, Kakao Corp., iHeartMedia, Inc., and Times Internet holds a significant market share of the global music streaming subscription service market in 2020.
- The audio streaming segment is expected to dominate the market in terms of value. However, growing use in the hectic lifestyle of consumers enables them to access audio content easily compared to that of the video content is driving the market.
- In terms of value, the on-demand segment is expected to dominate the market during the forecast period due to the growing popularity of digital platforms. The increasing adoption of smart devices is expected growth during the forecast period.
- The commercial segment is expected to dominate the market in terms of value. For example, with increasing development projects of commercial complexes, restaurants, gyms, health clubs, and malls, the commercial segment is expected to grow at a promising rate.