Music Streaming Market Share and Size Analysis 2027

Music Streaming Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Content Type (Audio Streaming, Video Streaming); Streaming Type (Live Streaming, On-demand Streaming); End User (Commercial, Individual)

  • Report Code : TIPRE00003356
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 160
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The music streaming market expected to grow from US$ 26.05 billion in 2019 to US$ 46.99 billion by 2027; it is estimated to grow at a CAGR of 7.4% from 2019 to 2027.

Growing popularity of digital music streaming websites is attributing to the growth of the market. As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscription is playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees is required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.

The introduction of cloud-based music in the music streaming market is expanding, which in turn drives the adoption of music platforms. The vendors are developing several user-friendly applications to ensure easy streaming of music over tablets and smartphones. The availability of cloud feature in music streaming platform is boosting the adoption of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income, and smartphone adoption are propelling the adoption of digital music platforms at a significant rate.

Impact of COVID-19 Pandemic on Music Streaming Market

Music and Media industry is also impacted negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the critical areas highly impacted is live performances. The industry is fighting back to recover the loss and come-up with new business models. To monetize, the companies are coming up with live shows on streaming devices. In the first quarter of 2020, the online music subscription was increased by around 70% YoY, globally. The crisis has accelerated the trend in music streaming. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. The overall music streaming has a significant positive impact of COVID-19 pandemic

Lucrative Regions in Music Streaming Market

Lucrative Regions in Music Streaming Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights–

Music Streaming Market

Scope of On-Demand Streaming

The on-demand streaming enable the consumer to retrieve large catalogue of music online with minimal subscription fee. The number of consumers from the US making payments for purchasing subscription of on-demand streaming such as Apple Music or Spotify has been increased from 28.7% in 2019.This has resulted into increased premium subscriptions and caused a revenue increase of 27.5%. Rise in the number of music subscribers has resulted into growing demand for on-demand streaming services. The promotions and popularity of family plans in digital music platforms such as Spotify, Apple, Alphabet, and Amazon has benefited the consumers.

The digital music providers are driving inventions across the consumer listening experience throughout phones, tablets, computers, and smart devices. Owing to the availability of in-vehicle infotainment systems and smart speakers in car and home arena respectively, the music streaming providers have an opportunity to propel their business. Some of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, Sound Cloud, Amazon Prime, and Tidal. In this context, companies such as Spotify and Amazon utilize ad-supported services to market their products. Spotify has long succeeded at converting ad-supported listeners to paid subscribers; whereas, Amazon market Prime subscriptions and Echo devices together. The strategies adopted by mentioned companies helps in gainaing more subscribers. Moreover, Amazon Prime Music includes prime subscriptions which further help the company to increase its customer base. At present, the on-demand streaming are one of the most preferred services, as they use network infrastructure and on-demand audio streaming software to stream media files. Additionally, the MIDiA Research released that n 2017the music subscription revenue grew 63%. Owing to exploration in on-demand streaming, there is significant increase in the number of subscribers.

Content Type -Based Insights

Based on content type, the music streaming market is segmented into audio streaming and video streaming. The audio content segment held the largest market share in 2018.

Streaming Type -Based Insights

Based on streaming type, the music streaming market is segmented into live streaming and on-demand streaming. The on-demand streaming segment held the largest market share in 2018.

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Music Streaming Market: Strategic Insights

Market Size Value inUS$ 26.05 Billion in 2019
Market Size Value byUS$ 46.99 Billion by 2027
Growth rateCAGR of 7.4% from 2019-2027
Forecast Period2019-2027
Base Year2019
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Players operating in the music streaming market are mainly focused on the development of advanced and efficient products.

  • In 2020, LiveXLive Media, Inc. and iHeartMedia announced a livestream partnership which includes more than 25 iHeartRadio festivals and theater shows annually and the addition of five new shows. The agreement also includes LiveXLive’s exclusive distribution on its platform of two more of iHeartMedia’s top annual events – the iHeartRadio Music Festival and iHeartRadio Jingle Ball.
  • In 2019, Amazon Music expanded access to free streaming service, and the customers would be able to listen to Amazon Music’s ad-supported selection for free. It is available to customers in U.S., U.K. and Germany who doesn’t have a Prime membership or a subscription to Amazon Music Unlimited.

The music streaming market has been segmented as follows:

Music Streaming Market – by Content Type

  • Audio Streaming
  • Video Streaming

Music Streaming Market – byStreaming Type

  • Live Streaming
  • On-demand Streaming

Music Streaming Market – by End User   

  • Commercial
  • Individual

Music Streaming Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Russia
    • U.K
    • Rest of Europe
  • Asia Pacific (APAC)

    • Japan
    • China
    • Australia
    • India
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Music Streaming Market – Company Profiles

  • Amazon, Inc.
  • Apple Inc.
  • Deezer,
  • Google Inc.
  • iheartmedia, Inc.
  • Joox
  • Pandora Media, Inc.
  • SoundCloud
  • Spotify
  • Tidal
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Content Type ; Streaming Type ; End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Which content type led the music streaming market?

The audio streaming segment led the music streaming market. Listening habits are moving gradually to online platform in recent years. Preference for smart devices, smartphones, tablets continues to grow which is playing major role in boosting audio streaming market during the forecast period. As audio streaming is accessible by an individual from anywhere at any time. Thus, use of Spotify, Amazon Prime, You Tube music is increasing. In addition, Labels as a Service (LaaS) is becoming one of the top most trend in audio streaming and is expected to further create more growth opportunities for audio streaming arena.

Which factor is driving the music streaming market?

As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The introduction of cloud-based music in the music streaming market is expanding, which in turn drives the adoption of music platforms. Additionally, the availability of free-trial and paid subscription are playing a significant role in boosting the application of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income, and smartphone adoption are propelling the adoption of digital music platforms at a significant rate. All of these factors are driving the growth of the music streaming market.

Which end-user led music streaming market?

The individual segment led the music streaming market. The music streaming is heavily used by broad category of individuals spread across the world. This service gives enable individuals to access millions of songs and music videos on monthly or yearly fee basis. As accessing music streaming websites from anywhere anytime, the use of digital music platforms is obtaining attention of music users/listeners which boosting the growth of the individual music streaming market over the forecast period.

The List of Companies - Music Streaming Market

  1., Inc
  2. Google LLC
  3. Deezer
  4. iHeartMedia Inc.
  5. Apple, Inc.
  6. SoundCloud
  7. Spotify Technology S.A.
  8. Tidal
  9. Pandora Media, LLC
  10. JOOX

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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