Music Streaming Market Growth, Analysis, and Forecast by 2031

The music streaming market size is projected to reach US$ 71.32 billion by 2031 from US$ 36.49 billion in 2023. The market is expected to register a CAGR of 8.7% from 2023 to 2031. 

The rising adoption of 5G connectivity and the growing demand for live streaming of music shows is likely to remain a key music streaming market trend.

Music Streaming Market Analysis

The music streaming market is growing at a rapid pace due to the growing demand for multi-device compatibility devices, increasing adoption of digital platforms, and growing utilization of smart devices with seamless accessibility. The market is expanding steadily, driven by the increased focus of market players to enhance customer experience by providing ad-free subscriptions. Moreover, the increasing adoption of online 3D music streaming and integration of advanced technologies, such as AI and ML for enhancing the streaming experience of music by improving search recommendations are providing lucrative opportunities for market growth.  

Music Streaming Market Overview

Music streaming is a method of delivering audio content, primarily music, to the listeners' devices without the need to download files from the internet. Music streaming eliminated the process of downloading and storing music files by providing users with access to a vast list of songs through streaming services. These streaming services allow users to listen to music on a variety of devices, such as smartphones, smart speakers, computers, tablets, and others, by directly streaming the audio content over an internet connection.

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Music Streaming Market: Strategic Insights

Music Streaming Market Drivers and Opportunities

Growing Demand for Multi-Device Compatibility Devices is Driving the Market

Rising digitalization, technological advancement, and the growing adoption of advanced technologies for delivering music in digital format encourage manufacturer to develop multi-device compatible devices to meet their customers' needs. Increasing demand for different types of multi-device compatibility devices, such as smartphones, smart speakers, HD TVs, smartwatches, and various voice assistant devices, including Amazon Alexa, Apple Siri, Microsoft Cortana, and Samsung Bixby, is driving the market. This increases the focus of market players to offer multi-device compatibility devices to provide users with a better listening experience. Users across the globe are highly adopting multi-device compatibility devices as an effective entertainment option. Moreover, the growing number of music listeners and app subscribers is fueling the market.

Increasing Adoption of Online 3D Music Streaming – An Opportunity in the Music Streaming Market

The introduction of digital and cloud systems increases the adoption of on-demand streaming and music streaming platforms. These developments are allowing musical content creators to provide their subscribers through a subscription model, making a significant impact in developing 3D audio song lists and music streaming platforms. The music streaming service providers offer 3D audio music to attract a huge customer base by increasing the number of subscriptions. Growing demand for music streaming apps is also creating opportunities in the market. For instance, India is becoming a hub for music content providers, and the easy availability of music streaming apps such as Amazon Prime, Gaana.com, and Saawan.com allows music content provide to offer a list of 3D songs to the listeners.

Music Streaming Market Report Segmentation Analysis

Key segments that contributed to the derivation of the music streaming market analysis are content type, streaming type, and end user.

• Based on content type, the music streaming market is divided into audio streaming and video streaming. The audio streaming segment held a larger market share in 2023.
• In terms of streaming type, the music streaming market is divided into live streaming and on-demand streaming. The on-demand streaming segment held a larger market share in 2023.
• On the basis of end user, the market is segmented into commercial and individual. The individual segment held the largest share of the market in 2023.

Music Streaming Market Share Analysis by Geography

The geographic scope of the music streaming market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

In terms of revenue, North America accounted for the largest music streaming market share, the presence of key players including Amazon, Inc., Apple Inc., Pandora Media, Inc., and Spotify Tidal, among others. These players are continuously engaged in offering high-quality audio and video streaming solutions to listeners. The growing use of social media platforms and the development of artist analytics apps are creating opportunities in the market.

Music Streaming Market News and Recent Developments

The music streaming market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for music streaming and strategies:

• In February 2024, Spotify paid US$ 9.0 billion to the music industry. This payout includes earnings distributed to rights holders and artists. (Source: Spotify, Press Release, 2024)
• In November 2022, Amazon Music expanded its offering for Prime members, bringing them a full catalog of 100 million songs and the top podcasts available ad-free at no additional cost to their membership. (Source: Amazon, Inc., Press Release, 2022)

The regional trends and factors influencing the Music Streaming Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Music Streaming Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Music Streaming Market Report Scope

Music Streaming Market Players Density: Understanding Its Impact on Business Dynamics

The Music Streaming Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Music Streaming Market Report Coverage and Deliverables

The “Music Streaming Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles