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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Music Streaming Market Share
Subscription segment generates high revenue by offering enhanced features and exclusive content to paying subscribers
The subscription segment is expected to dominate the market due to the increasing popularity of premium music streaming services that offer users ad-free listening, high-quality audio, offline playback, and exclusive content. Leading platforms like Spotify, Apple Music, and Amazon Music have witnessed substantial growth in their paid subscriber bases, indicating a strong preference for the premium music streaming experience. As per music streaming industry report, the subscription segment not only provides a stable revenue stream for music streaming companies but also generates higher average revenue per user (ARPU).
On the other hand, the non-subscription segment, encompassing free and ad-supported music streaming services play a crucial role in expanding the user base and driving the adoption of music streaming among a wider audience. While these services offer a limited catalog, lower audio quality, and incorporate advertising to monetise the free tier, they serve as a valuable entry point for users new to music streaming. Platforms such as YouTube Music and Spotify's free tier have amassed large user bases, although they generate lower ARPU compared to paid subscribers.
Apps leads the market due to its user-friendly interfaces and mobile accessibility
As per music streaming market analysis, apps dominates the market as it offers a seamless and user-friendly interface for discovering, playing, and managing music libraries. Features like offline playback, personalised recommendations, and app integrations contribute to its prominence. The widespread adoption of smartphones and preference for mobile-first experiences also solidify the apps segment's leading position. The browsers segment, while smaller, offers flexibility and cross-device compatibility. It's popular for accessing music on smart TVs, gaming consoles, and other connected devices without dedicated apps.
Music Streaming Market Report Snapshots
Music Streaming Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the music streaming market reached an approximate value of USD 37.1 billion.
The market is expected to grow at a CAGR of 14.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 125.3 billion by 2032.
The major drivers of the market include increasing adoption of smartphones, increasing mobile internet access, and wide availability of content.
Key trends aiding market expansion include the rise of smart speakers and voice assistants like Alexa and Siri, partnerships between streaming platforms and telcos that bundle music subscriptions, and rising popularity of virtual reality, augmented reality, and hologram shows in live streaming music videos.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The leading music streaming services are Spotify, Apple Music, Amazon Music, YouTube Music, and SoundCloud.
The top reasons are to avoid ads, access large music libraries, and have a wide choice of music.
Revenue models include subscription and non-subscription.
The market can be segmented by service into on-demand streaming and live streaming.
Content types are divided into audio and video.
Key players in this market include Amazon.com, Inc., Anghami, Spotify AB, Google LLC (YouTube Music), TIDAL Music AS, Deezer, iHeartMedia, Inc., LiveXLive, Corp., Apple Inc., and SoundCloud Global Limited & Co. KG, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124