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The music streaming market size is forecast to increase by USD 31.10 billion between 2022 and 2027, accelerating at a CAGR of 15.67%. In 2017, the US held the largest market share, projecting an annual revenue of USD 54.74 billion. The research report of the music streaming market offers industry forecasts and segmentation based on Type including both free and paid. It also segments the market by End-user, which comprises both individual users and commercial users. Geographically, the report covers North America, Europe, APAC, South America, and Middle East and Africa. The market size, historical data (2017-2021), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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An increasing preference for music streaming services is notably boosting the market advancement worldwide. The worldwide music streaming service market will be driven by consumers' growing demand for these services. In the second quarter of 2022, there was a worldwide increase of 30.5% in the number of consumers who chose to pay for subscription services in order to stream music. One million new users choose to sign up for music streaming services each month. Global Internet bandwidth has increased as a result of the development of wired and wireless technologies as well as telecommunication standards like 3G, 4G, and 5G. This has helped to foster the global adoption of music streaming services.
Several companies have made significant changes. For example, in September 2020, Amazon debuted its HD music streaming service in Canada. Additionally, the business provides a one-month free trial and an Amazon Prime member discount. For example, the US had 90.37% more paid music customers in 2021 than it did in 2014. Over the course of the forecast period, these factors are anticipated to fuel the expansion of the regional music streaming market by driving up demand for music streaming services.
The free segment is the Leading Segment to Dominate the Music Streaming Market
The Free segment was the largest segment and was valued at USD 13.65 billion in 2017. Moderate growth is anticipated in the free music streaming market. Free music streaming is an ad-supported service whereby providers monetize the content by displaying adverts while the user is listening to music or when they make non-free in-app purchases. The two biggest global suppliers of free streaming services are Spotify and Alphabet. The music on free memberships is ad-supported and has limited availability.
Music Streaming Market - Revenue Share by Free Segment, 2017-2027
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North America Holds a Prominent Position in the Music Streaming Market
North America is estimated to contribute 44% to the growth of the global market during the forecast period. North America's music streaming market is probably going to increase at a flat rate. The fact that the US, the region's largest market, was among the first to adopt music streaming services and that the country's industry is currently approaching saturation is one of the main causes of this. The broad market expansion for music streaming services in the area is being aided by the substantial portfolio of music customers that these providers oversee managing.The players in the region are expanding their business by collaborating with artists and gaining exclusive rights to their songs or by acquiring smaller companies in the music industry. For instance, in August 2021, Apple acquired a classical music streaming service known as Prime Phonic. Hence,these determinants will increase the demand for music streaming services, which is expected to drive the growth of the regional music streaming market during the forecast period.
Music Streaming Market Size, By Region, Global, 2017-2027
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The Music Streaming Market is fragmented in nature. Some significant players include Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc.,
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc.
The music streaming market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
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Music Streaming Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.67% |
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Market growth 2023-2027 |
USD 31.10 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.83 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 44% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology SA, Tencent Holdings Ltd., and TuneIn Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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