GVR Report cover Music Streaming Market Size, Share & Trends Report

Music Streaming Market Size, Share & Trends Analysis Report By Service (On-demand Streaming, Live Streaming), By Platform (Apps, Browsers), By Content Type, By End-use, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-218-0
  • Number of Pages: 300
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global music streaming market size was valued at USD 29.45 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. The rising penetration of digital platforms and the growing use of smart devices are anticipated to boost the market growth over the forecast period. Platforms that allow users to listen to audio and podcasts and watch music videos are examples of music streaming services. These platforms are gaining popularity owing to features such as song recommendations, automatic playlist personalization, and hassle-free connectivity on apps and browsers. Moreover, the expanding podcast genres on these portals are propelling the market growth.

U.S. music streaming market size, by service, 2020 - 2030 (USD Billion)

In 2020, the COVID-19 outbreak prompted most countries to impose lockdowns in order to prevent the virus from spreading. This led to an increasing number of subscribers on music streaming platforms, such as Spotify, Tencent Music Entertainment, and Amazon Music. Moreover, the number of subscribers that engage in live streaming on platforms such as Instagram and YouTube witnessed a surge. In the U.S., video content was already streamed more frequently than audio content. However, it gained significant popularity during the pandemic. As a result, COVID-19 has had a significant impact on the expansion of the market for music streaming.

The rising use of 5G connectivity has become one of the most popular trends in the global market. Amazon has capitalized on this opportunity by launching a new music HD service that will provide lossless music streams and downloads to music enthusiasts in the U.S., the U.K., Germany, and Japan. With 5G's capability to send data several times faster than 4G, companies will be able to offer high-fidelity music streams as the technology is more widely adopted. For live streaming music videos, Virtual Reality (VR), Augmented Reality (AR), and hologram concerts are expected to gain wide popularity. Such developments are fueling the growth of the market.

Music streaming suppliers are focused on offering podcasts, song lyrics, and music videos on their platforms to improve customer experience. For instance, in November 2021, Spotify AB partnered with Netflix, Inc., an American subscription streaming service and production company, to offer Spotify users exclusive soundtracks, playlists, and content on the music streaming platform. Additionally, in May 2019, SoundCloud Limited acquired Report Network, which operates as a SoundCloud focused music distributor, to provide innovative creators with a fully integrated upstream to Repost Network's invite-only tools and services, which comprise content protection, analytics dashboards, streaming distribution, and more.

Furthermore, new licensing prospects are starting to emerge for music IP holders. Short videos, e-fitness, and other platforms are focused on acquiring IP rights from music creators and publishers, potentially opening new revenue streams. For instance, in July 2020, the National Music Publishers Association (NMPA) secured a licensing agreement with TikTok, a platform with around 100 million U.S. monthly active users and 700 million worldwide monthly active users. Nowadays, the music industry is heavily regulated with a strong focus on the publishing rights of the music. Moreover, various regulatory amendments have been made to recognize the rights of music creators in the digital age. While such reforms are hampering the revenues of music streaming companies, they are likely to benefit from recurring incomes for the content consumed.

Service Insights

The on-demand streaming segment captured the largest revenue share of over 70.0% in 2021. This segment is likely to dominate the market over the forecast period. On-demand streaming services have substantially restricted illegal music streaming and downloading for all parties, from distributors to musicians. Moreover, they help improve customer convenience by offering discovery features and suggestions based on their preferences.

The live streaming segment is anticipated to register the highest CAGR of 16.0% from 2022 to 2030. The potential of live streaming to reach a larger audience is the primary factor driving the segment. Live streaming is the process of delivering live content to individuals via the internet in real-time. Apart from services that are specifically designed for live streaming, several social media outlets also endorse live videos. The growing popularity of live videos has encouraged musicians to stream live on sites such as YouTube Live, Facebook, Instagram, and Twitter's Periscope. This trend is anticipated to continue driving the segment over the forecast period.

Content Type Insights

The audio segment captured the largest revenue share of over 60.0% in 2021. Audio content allows listeners to multitask, mainly while commuting, exercising, or completing house chores. Furthermore, commercial places such as gyms, cafes, restaurants, and pubs widely use audio streaming platforms to play music, thus contributing to the segment growth.

The video segment is projected to expand at the fastest CAGR of 15.6% from 2022 to 2030. This can be attributed to the growing preference of consumers for Over-the-Top (OTT) platforms worldwide. The market is expected to flourish from the increasing use of OTT platforms for live performance and streaming. Moreover, the growing interest of users in music videos is prompting providers to integrate this feature into their offers. For instance, in July 2020, Gamma Gaana Ltd., an Indian music streaming service company, launched Gaana HotShots, a video feature, on its platform.

Platform Insights

The apps segment accounted for the largest revenue share of over 85.0% in 2021 and is expected to witness the fastest growth from 2022 to 2030. Music apps dominate the music streaming industry as they offer up to thousands of song tracks for purchase and a significant number of tunes to stream for free. In addition, the global demand for music streaming apps is influenced by the high demand for media streaming, which is propelled by factors such as high-speed internet and the increasing use of smartphones. Numerous vendors have developed web and mobile media platforms to make their services available for cross-device access, such as web, desktop, and mobile apps, across different operating systems.

Music streaming services allow music and video content to be delivered via the internet without the need for traditional broadcasting or cable players. These services are delivered on apps and browsers on consumers' handheld devices, such as tablets, smartphones, and laptops. Moreover, the global rollout of 5G internet connections is expected to trigger the demand for streaming technologies that can provide users with a continuous listening experience without the need to download files on personal devices.

The browser segment accounted for a significant share in 2021. A web browser allows users to access playlists and libraries without the need for downloading any apps. Key market players have started making their music streaming services available on browsers, thus expanding into new platforms without having to create and support custom apps. For instance, in April 2020, Apple, Inc. unveiled the Apple Music streaming player for the web, which works on all platforms, including desktops, tablets, smartphones, and laptops, as well as across all browsers, including Firefox and Chrome.

End-use Insights

The individual segment captured the largest revenue share of over 60.0% in 2021 and is projected to dominate the market over the forecast period. Users have been able to effortlessly stream millions of songs on demand since the launch of music streaming services. The segment growth is fueled by the evolving lifestyles of youngsters, which include listening to music while going about their everyday activities. Many tech companies allow their staff to work in silence while listening to music using earphones. Furthermore, as wireless networks become more accessible and mobile devices become more prevalent, the market is increasingly surpassing downloads in the digital music market.

Global music streaming market share, by end-use, 2021 (%) 

The commercial segment, which includes restaurants, cafeterias, pubs, salons, and gyms, is projected to exhibit the fastest CAGR of 15.9% from 2022 to 2030. This is attributed to the growing need for a better ambiance in order to retain customers. Furthermore, music helps keep people energized and happy at work, which leads to improved productivity. As a result, commercial property owners are increasingly turning to music streaming services.

However, owners of commercial premises are not permitted to play songs through standard streaming services. SoundSuit, Heartbeats International, and Soundtrack are some examples of commercial-oriented streaming platforms. Commercial users must adhere to the rules laid forth by regional or global music streaming authorities. In Australia, for example, commercial establishments are required to pay live concert fees to the Australian Performing Right Association (APRA), a copyright management organization, to play music lawfully. Such costs support royalties for the composer, publisher, and artist.

Regional Insights

North America accounted for the largest revenue share of above 30.0% in 2021 and is anticipated to witness significant growth over the forecast period. A significant factor driving the market in this region is the presence of key market players such as Pandora Media, Inc.; Amazon.com, Inc.; Google LLC; and Apple, Inc. Furthermore, the high prevalence of fixed wireless internet, smart devices, and online payment technologies are contributing to the growth of the regional market.

The Middle East and Africa is anticipated to register the fastest CAGR of 17.8% from 2022 to 2030. Many domestic and international companies are extending their operations in this region. For instance, in March 2019, Viu, a Hong Kong-based video streaming service provider, debuted its freemium model of OTT services in South Africa, which include local, regional, and original content. Furthermore, the market in Asia Pacific is predicted to witness significant growth over the forecast period. Many players offer streaming services on a freemium basis to maintain the region's volume-driven market and attract and retain customers.

Key Companies & Market Share Insights

The market is fragmented owing to the presence of numerous global and regional competitors. Service providers are using a two-step strategy to grow their subscriber base. First, they use advertising campaigns to enroll people in their freemium platform, and then they pitch them with appealing offers and discounts to persuade them to upgrade to a paid subscription. Participants in the sector are also focused on expanding their geographical reach. For instance, in April 2020, Apple, Inc. introduced its music streaming service in 52 new countries to expand Apple Music's global reach.

Prominent industry players are pursuing mergers & acquisitions and strategic partnerships to extend their company presence and thrive in an exceedingly competitive business environment. For instance, in December 2021, Spotify AB partnered with Tinder, Inc., an online dating and geosocial networking application, to improve the mood of music for singles during Christmas. Moreover, companies have introduced the Music Mode feature, Tinder’s biggest update since the Swipe feature. Music Mode allows users to embed their favorite tunes in their dating profiles. Some prominent players in the global music streaming market include:

  • Apple, Inc.

  • Spotify AB

  • Amazon.com, Inc.

  • Google LLC

  • Deezer

  • Pandora Media, Inc.

  • Tencent Music Entertainment Group

  • Tidal 

Music Streaming Market Report Scope

Report Attribute


Market size value in 2022

USD 34.53 billion

Revenue forecast in 2030

USD 103.07 billion

Growth rate

CAGR of 14.7% from 2022 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Service, platform, content type, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; Japan; India; Brazil; Mexico

Key companies profiled

Apple, Inc.; Amazon.com, Inc.; Google LLC; Spotify AB; Deezer; SoundCloud Limited; Pandora Media, Inc.; Tencent Music Entertainment Group

Customization scope

Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global music streaming market report on the basis of service, platform, content type, end-use, and region:

  • Service Outlook (Revenue, USD Billion, 2018 - 2030)

    • On-demand Streaming

    • Live Streaming

  • Platform Outlook (Revenue, USD Billion, 2018 - 2030)

    • Apps

    • Browsers

  • Content Type Outlook (Revenue, USD Billion, 2018 - 2030)

    • Audio

    • Video

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Individual

    • Commercial

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

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