A recent report published by Infinium Global Research on the music streaming market provides an in-depth analysis of segments and sub-segments in the global as well as regional music streaming market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional music streaming market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global music streaming market. According to the report, the global market for music streaming was sized near USD 30 billion in 2020 and is expected to reach over USD 50 billion by 2026 growing with a CAGR of 9.1% over 2020-2026.

Market Insight

Entertainment and Media is one of the worst-hit industries due to the Covid-19 pandemic. Ongoing music projects were forced to stop due to restrictions imposed by the countries. Live music performances were also halted due to restrictions on the gathering of people. This led to live music performance going online. A lot of live music performances were live-streamed by the organizers on music streaming platforms. These events were organized individually by the artists, singers as well as sponsors. Music streaming service providers experienced a spike in subscriptions and in viewing and listening minutes. Music was helpful in keeping people entertained and away from the chaos caused by the Covi-19 pandemic. People were able to enjoy live music performances by staying in the safety of their homes.  The increased demand in the music streaming market will sustain over the long term.

The growth of music streaming apps on smartphones has increased their accessibility to people. These apps provide subscription-based services. They also offer a limited number of songs for free to stream. Their 30-day free trial offer allows the listener to decide whether to continue with the apps. These streaming apps offer a wide variety of music genres, 1000s of songs to listen to, songs from different singers, and many more. All that music is available just as a single tap. Therefore these music streaming apps have grown at such a huge rate. Growing internet penetration is also responsible for the growth of these streaming apps as well as music streaming market as a whole. The cost of the internet is decreasing day by day. Therefore the internet is becoming more accessible. The number of telecommunications operators around the world is rapidly increasing. The new entrants in the telecommunications sector are revolutionizing it. One such example is the launch of JIO telecommunications in India. After the advent of JIO internet became accessible to the common Indian. In broad terms, they just opened doors for the music streaming market to over 503 million users (as per IMAI data).  Thus, due to increased internet penetration streaming music became easier for people. Also growing standard of living is responsible for driving the market. Entertainment is just not a luxury for people anymore. With increased disposable income in their hands. They demand better lifestyle entertainment included. While music is one of the most important source of entertainment. As people have more spending power the subscription of music streaming platforms become more affordable to them. The restrain that market faces is the threat of data security. If the security apparatus of music streaming service providers is not full proof, they risk the theft of user’s personal data. It is not just limited to theft of personal data also the piracy of content of music streaming can happen. The growing integration of emerging technologies such as Artificial Intelligence, Virtual Reality is expected to provide new opportunities in the market.

North America is expected to be the dominant region in the market. On the other hand, Asia-Pacific is expected to grow at an exponential rate. North America has an established music industry. With the presence of major players in the music streaming markets such as Apple, Inc., Google, LLC, Amazon.com Inc, and others. Also due to advanced economies, people have a higher standard of living and high spending power. With wide penetration of internet and internet devices. The region is naturally set to dominate the market. Asia-Pacific is not just experiencing an economic boom but also growth in other areas such as internet penetration, the music industry, and others. The regional players are also rapidly capturing the market in the region. For example Gaana.com and JioSaavn in India and Tencent Music Entertainment Group in Southeast Asia.

Segment Covered

The report on global music streaming market covers segments such as streaming type, platform, content, and end user. On the basis of streaming type, the sub-markets include live streaming, and on-demand streaming. On the basis of platform, the sub-markets include applications, and browsers. On the basis of content, the sub-markets include video, and audio. On the basis of end user, the sub-markets include individual, and commercial.

Companies Profiled:

The report provides profiles of the companies in the market such as Amazon.com, Inc., Spotify AB, Google LLC, Deezer, Tencent Music Entertainment Group, Tidal, Pandora Media, Inc., and SoundCloud.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the music streaming market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.