Music Streaming Market Size Worth $ 108.04 Billion By 2032 | CAGR: 13.0%

The global music streaming market size is expected to reach USD 108.04 billion by 2032, according to a new study by Polaris Market Research. The report “Music Streaming Market Share, Size, Trends, Industry Analysis Report, By Service (On-demand Streaming, Live Streaming), By Platform (Apps, Browsers), By End-use (Commercial, Individual), By Content Type, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market's expansion can be credited to the increasing popularity of the music streaming platforms, coupled with the rise in disposable income among individuals. The adoption of a dual revenue model, offering both free-trial options & paid subscriptions, has played a significant role in driving market growth. This approach allows consumers to select the service that best suits their needs, while also providing added benefits such as an ad-free experience & offline listening services.

The market is expected to experience significant growth, fueled by emerging trends and innovations from key players. Among these trends, the increasing popularity of cloud-based music stands out as companies prioritize the development of the user-friendly applications for seam-less music streaming on the portable devices like tablets & smart-phones. By integrating cloud technology into their platforms, these companies can enhance their services, offering advantages such as streaming across multiple devices & storage utilization. These advancements are projected to drive substantial market growth.

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Key companies in the music streaming industry are actively focusing on innovation and launching new products and offerings to cater to the growing customer base and strengthen their market position. One such example is the partnership between SoundCloud Global & Merlin Ltd, in May 2023. Through this collaboration, SoundCloud aims to support Merlin members & affiliated artists by enabling them to participate in SoundCloud's Fan-Powered Royalties (FPR) model.

The Fan-Powered Royalties model is designed to prioritize a user-centric approach, where artists receive royalties based on the specific tunes that resonate with their individual fan bases. This innovative approach ensures that artists are fairly compensated for their music based on the actual engagement and preferences of their dedicated followers.

Music Streaming Market Report Highlights

• Live streaming segment will grow at the fastest rate, due to surge in popularity of live shows on social media platforms, and higher penetration of smartphones
• Application segment dominated the market, owing to its ease of usage over browsers, and, they can be easily integrated with other platforms
• Video segment will grow at faster pace, due to rapid pace in adoption of OTT platforms, and binge watching among millennials in the emerging nations
• Middle East exhibited highest CAGR, primarily due to rapid surge in smartphone penetration and social media influence
• The global key market players include Spotify, Apple, Amazon.com, Google, Deezer, Pandora Media, Tencent Music Entertainment, and Tidal

Polaris Market Research has segmented the music streaming market report based on service, platform, content type, end use, and region:

Music Streaming, Service Outlook (Revenue - USD Billion, 2023 - 2032)

• On-demand Streaming
• Live Streaming

Music Streaming, Platform Outlook (Revenue - USD Billion, 2023 - 2032)

• Apps
• Browsers

Music Streaming, Content Type Outlook (Revenue - USD Billion, 2023 - 2032)

• Audio
• Video

Music Streaming, End Use, Outlook (Revenue - USD Billion, 2023 - 2032)

• Individual
• Commercial

Music Streaming, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Music Streaming Market Report Scope