In terms of revenue, the global music streaming market was valued at US$ 26.0 billion in 2019 and is projected to reach US$ 46.9 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period 2020-2027. Considering the demand for multiple digital music platforms and rising number of music subscribers, the music streaming market is likely to grow at a significant pace. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to grow and provide growth opportunities to the market players prevailing in the music streaming market. On the contrary, due to the availability of pirated channels and free music platforms, the number of subscribers have declined, which can negatively impact the music streaming market. Furthermore, many music streaming service providers offer an unpaid trial period to gain traction of individuals. Additionally, to remain competitive in the market, timely updates and advancements are made in the digital music platform by the music streaming service providers to sustain in the market.
The music streaming market has been segmented on the basis of content type, streaming type, end user and geography. Based on content type, the music streaming market is segmented into audio streaming and video streaming. Based on streaming type, the market has been segmented into live streaming and on-demand streaming. Based on end user, the music streaming market is segmented into commercial, individual. Geographically, the music streaming market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Amazon, Inc., Apple Inc., Deezer, Google Inc., iheartmedia, Inc., Joox, Pandora Media, Inc., SoundCloud, Spotify, and Tidal are some of the well-established music streaming market players.
Impact of COVID-19 Pandemic on Music Streaming Market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. China, Italy, Iran, Spain, the Republic of Korea, India, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths. Music and Media industry is also impacted negatively due to the COVID-19 outbreak. One of the critical areas highly impacted is live performances. The industry is fighting back to recover the loss and come-up with new business models. To monetize, the companies are coming up with live shows on streaming devices.
The global music streaming market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the music streaming market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the music streaming market.