According to a new market research report published by sheer analytics and insights, “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, as per the latest market research report titled Global Music Streaming Market - Global industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The increasing digitalization and growth in digital music adoption are paving the trajectory for the music streaming market's growth. The market is moving ahead for the rapid growth in the penetration of smartphones and the internet. Both the content types, video streaming, and music streaming, are witnessing high popularity across the globe. 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.
However, in this current pandemic of COVID-19, the music market is affected much. It changes the growth rate graph slightly in the music streaming market. But it has been expected that after the pandemic situation, the global music streaming market will reach a high position in the graph. Apart from that, the rising of the music streaming sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Music Streaming Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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