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Music Streaming Market Size, Share Global Analysis Report, 2021 - 2026
Music Streaming Market By Service (On-Demand Streaming & Live Streaming), By Platform (Applications & Browsers), By Content Type (Audio & Video), By End-Users (Individual & Commercial), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026
Industry Insights
[215+ Pages Report] The latest findings and offering on the music streaming market have been published by Facts & Factors to offer a detailed understanding of the complete market. According to Facts & Factors analysis, the global music streaming market is valued to be around USD 19.87 Billion in the year 2020 and is likely to grow at an estimated CAGR rate of 7.8% to an overall value of USD 26.45 Billion in the year 2026.
Market Overview
Music streaming platforms or applications are made with the sole intent of providing a multimedia factor of format that can be consumed in a continuous manner from a source with little or no source of storage requirements. Streaming services often deal with the delivery of the content rather than the content itself. The only challenge that exists with any form of music streaming device is the issue of lower bandwidth users who often suffer from slow internet speeds which can often hinder the experience that these music platforms aim to deliver. Music streaming services often try and bridge the gap as an alternative service for downloading a music stream in which the user has the ability to consume the content without downloading it.
Industry Growth Factors
The primary growth factors responsible for the significant growth of the global music streaming market are the rising popularity of digital platforms coupled with the increasing adoption of smartphone devices to name a few. Additionally, the ability to stream podcasts, audiobooks, and watch music videos without the need to store them will further increase the footprint of the global music streaming market during the forecast period. Integration of smart choice technologies aided by machine learning and AI-based algorithms often provide users a selective choice of content based on their previous selections. These factors are expected to increase the consumer base for the global music streaming market during the forecast period.
Additionally, the latest iteration of music streaming platforms has increased their functionality by adding features such as auto customization of playlists, hassle-free accessibility on all compatible platforms, and free music streaming service for a considerable amount of time. The rising popularity of podcast genres is expected to drive the forecast period. These collective factors will further boost the growth of the global music streaming market during the forecast period.
Lockdown measures implemented by various countries due to the surge of COVID-19 cases further led to an increase in consumers signing up to these platforms. The increasing availability of live streaming will open new revenue streams for the global music streaming market during the forecast duration. However, the rising threat of privacy and security regarding user’s information is expected to push the global music streaming market toward a negative impact.
Segmentation Analysis
The global music streaming market can be segmented into services, platforms, content types, end-users, and regions.
On the basis of services, the global music streaming market is broken down into on-demand streaming and live to stream. The segment pertaining to on-demand streaming is expected to witness the largest market share during the advent of the forecast owing to increased countermeasures undertaken to handle the risk of privacy coupled with the rising convenience among consumers by providing them factors that relate to discovery features and recommendations based on their personal preferences. On the basis of platform, the global music streaming market is divided into applications and browsers. The applications segment is expected to occupy the largest market share during the advent of the forecast owing to factors attributing to convenience, easy UI-based systems, and rising popularity coupled with the rising number of competitive players creating a dynamic landscape to name a few.
On the basis of content type, the global music streaming market can be fragmented into audio and video. The audio category is expected to carry a dominant market share during the advent of the forecast owing to the rising preference of users that pertain to multi-tasking and commuting purposes coupled with the rising number of commercial end-users such as restaurants, cafes, pubs, and gymnasiums to name a few. On the basis of end-users, the global music streaming market is segregated into individual and commercial. The segment pertaining to individual users is expected to witness the largest market share during the advent of the forecast owing to changing lifestyle of millennials coupled with the rising accessibility of wireless networks to name a few.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 19.87 Billion |
Projected Market Size in 2026 |
USD 26.45 Billion |
CAGR Growth Rate |
7.8% CAGR |
Base Year |
2020 |
Forecast Years |
2021-2026 |
Key Market Players |
Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer, Pandora Media, Inc., Tencent Music Entertainment Group, SoundCloud Limited, Tidal, Anghami, iHeartRadio, and NetEase, Inc., among others |
Key Segments |
Service, Platform, Content Type, End-Users, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Purchase Options |
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Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast in terms of global revenue contribution. The contributing factors that can be credited with the rising market capital of music streaming in the market are the increasing presence of key market players coupled with fixed broadband speeds and coverage factors to name a few. Additionally, increased penetration of smartphone devices coupled with rising digital payment infrastructure will increase the footprint of the music streaming market during the forecast period. Moreover, shifting consumer preferences toward smartphone usage coupled with the rising adoption of music streaming in the region will boost the value of the music streaming market in the latter.
Competitive Players
The key market participants in the global music streaming market are:
- Spotify AB
- Apple Inc.
- Amazon.com Inc.
- Google LLC
- Deezer
- Pandora Media Inc.
- Tencent Music Entertainment Group
- SoundCloud Limited
- Tidal
- Anghami
- iHeartRadio
- NetEase Inc.
By Service Segment Analysis
- On-Demand Streaming
- Live Streaming
By Platform Segment Analysis
- Applications
- Browsers
By Content Type Segment Analysis
- Audio
- Video
By End-Users Segment Analysis
- Individual
- Commercial
Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
Table of Content
Industry Major Market Players
- Spotify AB
- Apple Inc.
- Amazon.com Inc.
- Google LLC
- Deezer
- Pandora Media Inc.
- Tencent Music Entertainment Group
- SoundCloud Limited
- Tidal
- Anghami
- iHeartRadio
- NetEase Inc.
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