The Music Streaming market is a growing industry which involves streaming audio content over the internet, allowing users to access on-demand songs, albums, playlists and radio stations. With music streaming services, users can listen to music instantly without the hassle of downloading and storing files on their devices. Some key advantages of music streaming include vast catalog of songs to choose from, personalized recommendations, availability on various devices and no advertisements. The growing adoption of smartphones and rising internet penetration have fueled the demand for digital music services among consumers. The availability of affordable data plans is encouraging more customers to use music streaming services on a regular basis.
Global Music Streaming Market is estimated to be valued at USD 40.12 Bn in 2024 and is expected to reach USD 121.43 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Music Streaming are Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer SA, Pandora Media, Inc. Key players are focusing on securing exclusive content deals with major record labels to expand their music libraries.
The growing popularity of on-demand streaming among young demographic coupled with affordable data plans is driving the demand for music streaming services. As a result, streaming revenues now account for over 80% of the total digital music revenues.
Technological developments like artificial intelligence and machine learning are helping Music Streaming Market Demand platforms to generate personalized music recommendations for users based on their preferences. This is helping improve user engagement on these platforms.
Market Trends
Rise of Freemium Model: To attract more users, most music streaming apps are adopting a freemium model where basic features are offered free of cost and additional/premium features require subscription. This is increasing their popularity.
Podcasting Gain Momentum: Major streaming services are investing heavily in podcasting to complement their music libraries. Exclusive podcast deals are helping drive more traffic to their platforms.
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