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Music Streaming Market by Type, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR43324
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The music streaming market share is expected to increase by USD 24.42 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 14.83%.

This music streaming market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers music streaming market segmentations by end user (individual users and commercial users), type (free and paid), and geographic (North America, Europe, APAC, South America, and MEA). The music streaming market report also offers information on several market vendors, including Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, iHeartMedia Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., and Spotify Technology SA among others.

What will the Music Streaming Market Size be During the Forecast Period?

Music Streaming Market Size

Download the Free Report Sample to Unlock the Music Streaming Market Size for the Forecast Period and Other Important Statistics

 

Music Streaming Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growth in mobile advertisement spending is notably driving the music streaming market growth, although factors such as intense competition and inconsistent user preferences may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the music streaming industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Music Streaming Market Driver

One of the key factors driving the music streaming market growth is the growth in mobile advertisement spending. The increased penetration of smartphones and tablets worldwide is one of the major driving forces for the growth of digital music. Vendors also offer free downloading and streaming services for mobile devices. Mobile ad spending is one of the major sources of revenue for digital music service providers, which in turn supports the growth of the music streaming market. In addition, mobile devices and tablets are now being equipped with more personalized services, such as location-based mobile technology, which can help in segmenting potential customers for marketing purposes. Mobile engagement soared in 2020, as consumers across the world spent more time on online channels during the COVID-19 pandemic. Consumers' inclination toward mobile transactions also increased in 2020. This will help vendors to target their audiences with customized music playlists. Therefore, the growth in mobile advertising is likely to influence the revenue inflow of the market.

Key Music Streaming Market Trend

Rise of wearable technology is the major trend influencing the music streaming market growth. Wearable technology is one of the fastest-growing markets in the consumer electronics segment. With the growing popularity and availability of smartwatches such as Apple Watch, LG G Watch R, and Moto 360, a large number of music service providers are developing compatible applications for these devices. For instance, Soundhound, Shazam, and Pandora Radio are some of the compatible music apps for Apple Watch, whereas Google Play supports Moto 360. Some of the wearable device manufacturers are focusing on launching new variants of smartwatches. For instance, in November 2020, Citizen Watch Co. Ltd. (Citizen Watch) announced the launch of its first smartwatch, CZ Smart, in the US. Similarly, in November 2020, Xiaomi Corp. (Xiaomi) announced the launch of its Redmi smartwatch. As these apps enable direct access to the music service through the wearable devices, users can access music at their convenience and even on the go.

Key Music Streaming Market Challenge

Intense competition and inconsistent user preferences is one of the key challenges hindering the music streaming market growth. The markets in developing countries such as India are highly fragmented, with the presence of a number of global as well as domestic players. This leads to intense competition and, in turn, price wars among mobile app vendors. These price wars have a significant negative impact on the growth of the market, as the cost is one of the major differentiating factors for consumers in these countries. Further intensifying the competition are the fluctuating consumer preferences with regard to new and entertaining content. Vendors need to continuously update playlists and other content to stay in sync with the changing consumer preferences. For providing updated playlists and music collections, it becomes crucial for vendors to invest in innovations in content strategies, design, and technology. The inability to comply with the changing preferences of users in the intensely competitive market may lead to loss of time, money, and overall market value for the vendors.

This music streaming market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global music streaming market as a part of the global advertising market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the music streaming market during the forecast period.

Who are the Major Music Streaming Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • Apple Inc.
  • Comcast Corp.
  • Deezer SA
  • iHeartMedia Inc.
  • Microsoft Corp.
  • Samsung Electronics Co. Ltd.
  • Sirius XM Holdings Inc.
  • Sony Corp.
  • Spotify Technology SA

 

This statistical study of the music streaming market encompasses successful business strategies deployed by the key vendors. The music streaming market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

  • Alphabet Inc. - The company offers Google Play.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The music streaming market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Music Streaming Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the music streaming market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

Which are the Key Regions for Music Streaming Market?

Music Streaming Market Market segmentation by region

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44% of the market's growth will originate from North America during the forecast period. US is the key market for music streaming in North America. Market growth in this region will be faster than the growth of the market in other regions.

The large portfolio of music subscribers managed by music streaming service providers is supporting the growth of the music streaming market across the region over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In the US, streaming services accounted for a large fraction of all recorded music revenue in the US in 2019, and that proportion increased in the first half of 2020 due to COVID-19-related lockdowns. The lockdowns led to an increase in the demand for home entertainment in the region. Some vendors have been expanding their presence in the region. For instance, in September 2020, Amazon launched its HD music streaming service in Canada. The company also offers a free trial for one month and a discounted rate for Amazon Prime members. These factors are expected to increase the demand for music streaming services in North America during the forecast period.

What are the Revenue-generating End User Segments in the Music Streaming Market?

Music Streaming Market Segmentation

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The music streaming market share growth by the individual users will be significant during the forecast period. The global music streaming market by individual users is likely to experience high market share during the forecast period due primarily to the increased adoption of broadband infrastructure and mobile devices worldwide. 

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the music streaming market size and actionable market insights on post COVID-19 impact on each segment.

 

Music Streaming Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 14.83%

Market growth 2021-2025

$ 24.42 billion

Market structure

Fragmented

YoY growth (%)

14.00

Regional analysis

North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 44%

Key consumer countries

US, China, UK, Germany, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, iHeartMedia Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., and Spotify Technology SA

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

Customization purview

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What are the Key Data Covered in this Music Streaming Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive music streaming market growth during the next five years
  • Precise estimation of the music streaming market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the music streaming industry across North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of music streaming market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Advertising

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Individual users - Market size and forecast 2020-2025
      • Exhibit 17: Individual users - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Individual users - Year-over-year growth 2020-2025 (%)
    • 5.4 Commercial users - Market size and forecast 2020-2025
      • Exhibit 19: Commercial users - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Commercial users - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 21: Market opportunity by End-user

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 22: Type - Market share 2020-2025 (%)
    • 6.2 Comparison by Type
      • Exhibit 23: Comparison by Type
    • 6.3 Free - Market size and forecast 2020-2025
      • Exhibit 24: Free - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 25: Free - Year-over-year growth 2020-2025 (%)
    • 6.4 Paid - Market size and forecast 2020-2025
      • Exhibit 26: Paid - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 27: Paid - Year-over-year growth 2020-2025 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 28: Market opportunity by Type

    7 Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 30: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 31: Geographic comparison
    • 8.3 North America - Market size and forecast 2020-2025
      • Exhibit 32: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 33: North America - Year-over-year growth 2020-2025 (%)
    • 8.4 Europe - Market size and forecast 2020-2025
      • Exhibit 34: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 35: Europe - Year-over-year growth 2020-2025 (%)
    • 8.5 APAC - Market size and forecast 2020-2025
      • Exhibit 36: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 37: APAC - Year-over-year growth 2020-2025 (%)
    • 8.6 South America - Market size and forecast 2020-2025
      • Exhibit 38: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 39: South America - Year-over-year growth 2020-2025 (%)
    • 8.7 MEA - Market size and forecast 2020-2025
      • Exhibit 40: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 41: MEA - Year-over-year growth 2020-2025 (%)
    • 8.8 Key leading countries
      • Exhibit 42: Key leading countries
    • 8.9 Market opportunity by geography
      • Exhibit 43: Market opportunity by geography

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • Exhibit 44: Impact of drivers and challenges
      • 9.3 Market trends

        10 Vendor Landscape

        • 10.1 Vendor landscape
          • Exhibit 45: Vendor landscape
        • 10.2 Landscape disruption
          • Exhibit 46: Landscape disruption
          • Exhibit 47: Industry risks

        11 Vendor Analysis

        • 11.1 Vendors covered
          • Exhibit 48: Vendors covered
        • 11.2 Market positioning of vendors
          • Exhibit 49: Market positioning of vendors
        • 11.3 Alphabet Inc.
          • 11.4 Apple Inc.
            • Exhibit 55: Apple Inc. - Overview
            • Exhibit 56: Apple Inc. - Business segments
            • Exhibit 57: Apple Inc. - Key news
            • Exhibit 58: Apple Inc. - Key offerings
            • Exhibit 59: Apple Inc. - Segment focus
          • 11.5 Comcast Corp.
            • Exhibit 60: Comcast Corp. - Overview
            • Exhibit 61: Comcast Corp. - Business segments
            • Exhibit 62: Comcast Corp. - Key offerings
            • Exhibit 63: Comcast Corp. - Segment focus
          • 11.6 Deezer SA
            • Exhibit 64: Deezer SA - Overview
            • Exhibit 65: Deezer SA - Product and service
            • Exhibit 66: Deezer SA - Key offerings
          • 11.7 iHeartMedia Inc.
            • Exhibit 67: iHeartMedia Inc. - Overview
            • Exhibit 68: iHeartMedia Inc. - Product and service
            • Exhibit 69: iHeartMedia Inc. - Key news
            • Exhibit 70: iHeartMedia Inc. - Key offerings
          • 11.8 Microsoft Corp.
            • Exhibit 71: Microsoft Corp. - Overview
            • Exhibit 72: Microsoft Corp. - Business segments
            • Exhibit 73: Microsoft Corp. - Key news
            • Exhibit 74: Microsoft Corp. - Key offerings
            • Exhibit 75: Microsoft Corp. - Segment focus
          • 11.9 Samsung Electronics Co. Ltd.
            • Exhibit 76: Samsung Electronics Co. Ltd. - Overview
            • Exhibit 77: Samsung Electronics Co. Ltd. - Business segments
            • Exhibit 78: Samsung Electronics Co. Ltd. - Key news
            • Exhibit 79: Samsung Electronics Co. Ltd. - Key offerings
            • Exhibit 80: Samsung Electronics Co. Ltd. - Segment focus
          • 11.10 Sirius XM Holdings Inc.
            • Exhibit 81: Sirius XM Holdings Inc. - Overview
            • Exhibit 82: Sirius XM Holdings Inc. - Business segments
            • Exhibit 83: Sirius XM Holdings Inc. - Key offerings
            • Exhibit 84: Sirius XM Holdings Inc. - Segment focus
          • 11.11 Sony Corp.
            • Exhibit 85: Sony Corp. - Overview
            • Exhibit 86: Sony Corp. - Business segments
            • Exhibit 87: Sony Corp. - Key news
            • Exhibit 88: Sony Corp. - Key offerings
            • Exhibit 89: Sony Corp. - Segment focus
          • 11.12 Spotify Technology SA
            • Exhibit 90: Spotify Technology SA - Overview
            • Exhibit 91: Spotify Technology SA - Business segments
            • Exhibit 92: Spotify Technology SA - Key news
            • Exhibit 93: Spotify Technology SA - Key offerings
            • Exhibit 94: Spotify Technology SA - Segment focus

          12 Appendix

          • 12.1 Scope of the report
            • 12.2 Currency conversion rates for US$
              • Exhibit 95: Currency conversion rates for US$
            • 12.3 Research methodology
              • Exhibit 96: Research Methodology
              • Exhibit 97: Validation techniques employed for market sizing
              • Exhibit 98: Information sources
            • 12.4 List of abbreviations
              • Exhibit 99: List of abbreviations

            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.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            Music Streaming Market market growth will increase by $24.42 bn during 2021-2025.
            The music streaming market market is expected to grow at a CAGR of 14.83% during 2021-2025.
            Technavio has segmented the music streaming market market by end user (individual users and commercial users) ,type (free, paid, Europe, MEA, and South America) , and geographic (North America, Europe, APAC, South America, and MEA).
            Alphabet Inc., Apple Inc., Comcast Corp., Deezer SA, iHeartMedia Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corp., Spotify Technology SA are a few of the key vendors in the music streaming market market.
            North America will register the highest growth rate of 44% among the other regions. Therefore, the music streaming market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the music streaming market market growth are:
            • growth in mobile advertisement spending
            • Rise of wearable technology
            The music streaming market market vendors should focus on grabbing business opportunities from the individual users segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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            • Five-force market analysis

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