The latest market report published by Credence Research, Inc. “Global Music Streaming Subscription Services Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The market for music streaming subscription services is expected to grow from US$ 19.3 billion in 2020 to US$ 39.9 billion by 2027 with a CAGR of over 10.9% during the forecast period from 2021 to 2027.
Global Music Streaming Subscription Services Market, 2020 – 2027 (USD Million)
The rising popularity of digital platforms, as well as the expanding use of smart devices, are expected to have a positive impact on industry growth over the forecast period. Through music streaming subscription services, users can listen to audio, podcasts, and watch music videos. Furthermore, these platforms include features such as song recommendations, automated playlist customization, and hassle-free accessibility on apps and browsers, all of which are expected to attract end-user attention throughout the forecast period. The addition of new podcast genres to these platforms boosts the business even more. Furthermore, the growing number of service providers and the widespread use of smartphones around the world are positively influencing market growth. To gain a competitive advantage, prominent market competitors are focusing on incorporating cutting-edge technologies into their music streaming platforms, such as 5G for streaming, augmented and virtual reality, holograms, and artificial intelligence.
In 2020, the commercial category is expected to maintain its market dominance.
The music streaming subscription services market is divided into two segments based on the end user: residential and commercial. The commercial sector leads the market in 2020 and is expected to do so throughout the forecast period. Gyms, hair salons, pubs, cafeterias, and restaurants are examples of commercial end-use sectors. The category is expected to grow significantly during the projection period due to the increased need to provide a better ambiance to attract consumers. Furthermore, music motivates people to work in a pleasurable manner, resulting in improved performance. As a result, commercial property owners are increasingly adopting music streaming services.
The Asia Pacific music streaming subscription services market is expected to grow at the fastest CAGR during the forecast period.
Throughout the forecast period, APAC is expected to grow faster than the rest of the world. Australia, Singapore, China, India, New Zealand, and South Korea are among the region’s developed and emerging economies. Developed countries are expected to make enormous progress in this field as a result of improved technological infrastructure. Developing countries are gradually adopting music streaming services in order to improve and streamline their commercial operations. Densely populated nations such as India and China are increasingly turning to music streaming subscription service models to simplify and optimize their business processes. By 2020, North America will have the highest revenue share of the market. During the forecast period, the regional market is expected to remain dominant. One of the most important factors driving the industry in this field is the presence of major market players. Furthermore, the region’s expansion of these services is aided by fixed internet speeds and coverage, a high prevalence of connected devices, and improved digital payment infrastructure.
Global Music Streaming Subscription Services Market key Players:
Alphabet Inc., Amazon.com Inc., Apple Inc., Deezer, iHeartMedia Inc., Kakao Corp., Sirius XM Radio Inc., SoundCloud Limited, Spotify AB, Tencent Music Entertainment Group, TIDAL, and Times Internet are some of the major companies. Consider the following scenario: Apple Inc. acquired Primephonic, a classical music streaming service, in August 2021. It is intended to provide an incredible listening experience as well as investigate features suited to classical music, recordings, and high-quality music, thereby strengthening the music subscription service sector. Amazon will launch the Amazon Music app in Chile and Colombia in November 2021, giving customers access to millions of songs in high-quality audio, on-demand, and ad-free. It has millions of songs, hundreds of locally tailored stations and playlists, and popular podcasts, as well as live streaming in collaboration with Twitch and new original shows created exclusively for Amazon Music.
Global Music Streaming Subscription Services Market by Streaming Type, 2015 – 2027
- Audio Streaming
- Video Streaming
Global Music Streaming Subscription Services Market by Service Type, 2015 – 2027
- On-demand Streaming
- Live Streaming
Global Music Streaming Subscription Services Market by End-users, 2015 – 2027
Global Music Streaming Subscription Services Market by Company
- Alphabet Inc.
- com, Inc.
- Apple Inc.
- iHeartMedia, Inc.
- Kakao Corp.
- Sirius XM Radio Inc.
- SoundCloud Limited
- Spotify AB
- Tencent Music Entertainment Group.
- Times Internet