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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Music Streaming Market Size
The global music streaming market reached a value of around USD 37.05 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 14.50% to reach around USD 125.62 billion by 2032.
Music Streaming Market Outlook
- The total time spent globally listening to music each week is approximately 18.4 hours or 1.6 hours per day, which shows the rising demand for music streaming services.
- Over 4 trillion songs were streamed in the US in 2023, with more than 1 trillion songs being streamed on demand.
- As per industry reports, music streaming makes up 84% of music industry revenue, with global revenue at USD 17.5 billion.
- Spotify is the dominant music streaming service with 210 million premium subscribers worldwide as of Q1 2023.
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