The Global Music Streaming Market was valued at $24.5 Billion in 2020. Growing at a high CAGR of more than 7.5% between 2021 and 2031, it is estimated to reach $59.4 Billion by 2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. Music streaming services are platforms that allow users to listen to podcasts, audio and watch music videos. However, these platforms offer features such as auto customization of the playlist, song recommendations, and hassle-free accessibility on apps and browsers, which is also expected to drive the market during the forecast period. Apart from that, the rapidly growing popularity of digital platforms and the growing adoption of smart devices are expected to positively impact market growth. Now, moving forward, the robust demand for the Global Music Streaming Market in the music department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Music Streaming Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Music Streaming market is segmented as service, platform, content type, and end-user. Based on the market has been bifurcated as on-demand streaming and live streaming. Based on the service of the global music streaming platform, the global music streaming market is divided into Apps and Browsers. Based on content type, the global music streaming market has been segmented as Audio and Video. Based on end-users, the global music streaming market has been bifurcated as Individual and Commercial.
By Region, North America is holding the Major Market Share
The Music Streaming Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America has a significant share among those regions. The presence of key market players such as Apple, Inc., Amazon.com, Inc., Google LLC, and Pandora Media Inc. is the prime factor for market growth. The high penetration of connected devices, fixed broadband speeds and coverage, and better digital payment infrastructure also propel the market growth over the region. Apart from that, the Asia Pacific and Europe are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Music Streaming Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer, Pandora Media, Inc., Tencent Music Entertainment Group, SoundCloud Limited, Tidal, JOOX, and iHeartMedia Inc. among others.
The Global Music Streaming Market Has Been Segmented into:
Global Music Streaming Market: By Service
Global Music Streaming Market: By Platform
Global Music Streaming Market: By Content-Type
Global Music Streaming Market: By End-User
Global Music Streaming Market: By Region