The global music streaming market size is expected to reach USD 103.07 billion by 2030, growing at a CAGR of 14.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to the rising popularity of music streaming platforms and the growing disposable income of individuals. The trend of implementing a dual revenue model by providing free trial options and paid subscriptions that help consumers choose their service depending on their requirements is driving the market growth further. In addition, they offer various advantages including an ad-free experience and offline listening capabilities.
These emerging trends by key players are anticipated to stimulate the expansion of the market. Furthermore, there is a significant rise in the popularity of cloud-based music as companies are focused on the development of user-friendly applications that facilitate seamless music streaming on portable devices like tablets and smartphones. Integrating the cloud element into music streaming platforms allows companies to enhance their services by providing advantages, such as streaming across multiple devices and efficient storage utilization, which is expected to drive market growth over the forecast period.
Key companies are focusing on launching new products and offerings to serve the large customer base and strengthen their foothold in the industry. For instance, in May 2023, SoundCloud Global Limited & Co. KG partnered with Merlin Limited, a music licensing partner company. The partnership aimed to support Merlin members and affiliated artists, enabling them to actively engage in SoundCloud’s Fan-Powered Royalties (FPR) model. Through implementing FPR, the company aims to prioritize a user-centric approach that ensures artists get royalties based on the tunes that appeal to their unique fan bases. Such developments by key companies are expected to augment the growth of the overall market in the years to come.
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The live streaming services segment is expected to register the fastest CAGR of 15.7% over the forecast period owing to the increasing popularity of live videos that has encouraged artists to stream live on social media websites
The application platform segment accounted for the largest revenue share of 86.4% in 2022 owing to the preference for easy accessibility with apps over browsers
Based on the content type, the video segment is expected to grow at the fastest CAGR of 15.4% over the forecast period. The growing demand for Over-the-Top (OTT) platforms globally is acting as a driver for the segment growth
The individual end-use segment accounted for the largest revenue share of 63.2% in 2022 due to the changing lifestyles of the younger generations who embrace the habit of incorporating music into their daily routines
Middle East & Africa is anticipated to emerge as the fastest-growing regional market with a CAGR of 17.5% from 2023 to 2030. The rising trend of smartphone adoption, along with increasing internet penetration, is driving the region’s growth
Grand View Research has segmented the global music streaming market based on service, platform, content type, end-use, and region:
Music Streaming Service Outlook (Revenue, USD Billion, 2018 - 2030)
Music Streaming Platform Outlook (Revenue, USD Billion, 2018 - 2030)
Music Streaming Content Type Outlook (Revenue, USD Billion, 2018 - 2030)
Music Streaming End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Music Streaming Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa (MEA)
List of Key Players in the Music Streaming Market
Pandora Media, Inc.
Tencent Music Entertainment Group
SoundCloud Global Limited & Co. KG
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