Music Streaming Market Size, Trends and Growth Analysis by 2027

The global music streaming market was valued at approximately US$ 26.0 billion in 2019 and is anticipated to grow to US$ 46.9 billion by 2027. This growth represents a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2020 to 2027.

As the demand for various digital music platforms increases alongside a growing number of music subscribers, the music streaming sector is expected to expand significantly. The continuous rise in on-demand streaming services, coupled with the availability of regional content on digital platforms, will further bolster market growth and create opportunities for existing players in the music streaming industry. However, the presence of pirated channels and free music services has led to a decline in subscriber numbers, which poses a potential threat to the music streaming market. Additionally, many streaming service providers offer free trial periods to attract new users. To maintain competitiveness, these providers are also implementing timely updates and innovations in their digital music platforms.

The music streaming market can be categorized based on several criteria: content type, streaming type, end user, and geographical region. In terms of content type, the market is divided into audio streaming and video streaming. Regarding streaming type, it is segmented into live streaming and on-demand streaming. The end user segmentation includes commercial and individual users. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

Key players in the music streaming market include well-known companies such as Amazon, Inc., Apple Inc., Deezer, Google Inc., iHeartMedia, Inc., Joox, Pandora Media, Inc., SoundCloud, Spotify, and Tidal.

Impact of the COVID-19 Pandemic on the Music Streaming Market

The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide, affecting numerous countries including China, Italy, Iran, Spain, South Korea, India, France, Germany, and the United States. The music and media industry has faced significant challenges due to the pandemic, particularly in the area of live performances. The industry is actively seeking ways to recover from these losses and is exploring new business models. To generate revenue, companies are increasingly turning to live shows streamed on digital platforms.

The size of the global music streaming market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the music streaming market across all segments. Furthermore, the research included forecasts based on the various segments across five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants typically include industry professionals such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the music streaming sector.