Music Streaming Market is expected to reach US$ 46.99 Bn by 2027

Growing popularity of digital music streaming websites to lead music streaming market growth at 7.4%CAGR during 2019-2027

According to our latest market study on "Global 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); and Geography," the market was valued at US$ 26.05 billion in 2019 and is projected to reach US$ 46.99 billion by 2027; it is expected to grow at a CAGR of 7.4% from 2019 to 2027.

The report highlights key factors driving the market growth, and prominent players and their developments in the market.

The digital music streaming platforms and websites are changing the musical scenario, by gaining global popularity. 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 recreation. Additionally, the availability of free-trial and paid subscription are 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 the availability of digital download feature, the physical sales of CDs are declining. In Spotify, Apple, Tidal, and YouTube Music, one must pay a subscription fees 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.

Factors such as demand for multiple digital music platforms and rising number of music subscribers will drive the growth of music streaming market. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to grow and provide growth opportunities to the providers prevailing in the music streaming market. On the contrary, due to the availability of pirated channels and free music platforms, the number of subscribers might decline and can negatively impact on the music streaming market. Furthermore, several music streaming service providers offer an unpaid trial period to gain traction of individuals. Additionally, to remain competitive in the market, timely updates and advancements are made in the digital music platform by the music streaming service providers to maintain a standard in the market.

Amazon, Inc., Apple Inc., Deezer, Google Inc., iheartmedia, Inc., Joox, Pandora Media, Inc., SoundCloud, Spotify, and Tidal are some of the well-established players present in the global music streaming market.

COVID-19 Impact on Music Streaming Market
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of June 2020, China, Italy, Iran, Spain, the Republic of Korea, India, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global information and communication technology(ICT) industry is one of the major sectors facing severe disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc. as a result of this outbreak. Music and Media industry is also impacted negatively due to the COVID-19 outbreak. 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.

Music Streaming Market Breakdown-by Region, 2019

The report segments the global music streaming market as follows:

By Content Type

• Audio Streaming
• Video Streaming

By Streaming

• Live Streaming
• On-demand Streaming

By End-User

• Commercial
• Individual

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia Pacific (APAC)
  
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East &Africa (MEA)
  
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  
  • Brazil
  • Argentina
  • Rest of SAM

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