DUBLIN–(BUSINESS WIRE)–Sep 11, 2024–
The “Global Music Streaming Market by Service Type (Ad-Supported Services, Subscription-Based Services), Content Type (Audio, Video), Platform, End-Use – Forecast 2024-2030” report has been added to ResearchAndMarkets.com‘s offering.
The Music Streaming Market grew from USD 36.35 billion in 2023 to USD 40.21 billion in 2024. It is expected to continue growing at a CAGR of 10.90%, reaching USD 75.04 billion by 2030.
This service provides access to vast libraries of music tracks, albums, and artist compilations, facilitating a seamless and continuous playback experience. It leverages cloud storage to host music content, allowing users to stream their selected music on various devices such as computers, smartphones, and tablets. The overall availability of high-speed Internet and the ubiquity of smartphones and tablets have been pivotal in driving the demand for music streaming services. A shift towards on-demand entertainment and preference for subscription-based models over ownership of physical media & digital downloads.
However, the presence of numerous major players and constant new entrants keep the market highly competitive, impacting profit margins. Furthermore, innovations in artificial intelligence and machine learning for better music recommendation algorithms and user experience enhancements.
Regional Insights
The American region is at the forefront of music streaming, driven by high internet penetration, a strong tech infrastructure, and a culture that readily adopts digital entertainment solutions. Consumer behavior indicates a preference for subscription-based models over ad-supported ones. The market is highly competitive, with significant players investing in exclusive content and algorithm-based recommendations to enhance user experience. The EU presents a diverse market with high adoption rates for music streaming services.
Consumer behavior varies, with a general trend towards mobile access and curated playlists. The Middle East and Africa region is undergoing rapid growth in music streaming, driven by a young population and increasing internet penetration. The APAC region represents the fastest-growing music streaming market, propelled by affordable internet access and a young population. Regional content music drives the market, with platforms also investing in local languages to broaden their user base.
Music Story Partners with Line Music to Refine Metadata Technology
Music Story has forged a strategic partnership with Line Music, a Japanese music streaming service, aiming to significantly enhance user experience through advanced metadata technology. This collaboration aims to eliminate redundancies and streamline navigation for Line Music’s users by leveraging Music Story’s sophisticated automated processing and AI capabilities.
Revolutionizing Artist Revenue Streams: Sona’s Innovative Web3 Music Streaming Protocol
Sona has officially launched its open beta, Sona Stream, which introduces a subscription-free, ad-free music streaming service complemented by a unique marketplace where artists can auction their SONAs, exclusive digital assets representing their songs. This approach offers a direct revenue stream to artists and incentivizes fan engagement by allowing SONA owners to earn a significant portion of streaming rewards.
TikTok Ventures into Music Streaming with Launch of TikTok Music in Brazil and Indonesia
TikTok has introduced TikTok Music in Brazil and Indonesia, which offers an integrated user experience that allows for syncing with existing TikTok accounts to enjoy features such as listening, downloading, and sharing music from major record labels. The platform is designed to enrich the user experience with offerings such as access to the full versions of viral TikTok songs, personalized music recommendations, real-time lyrics, collaborative playlist creation, music library imports, lyrics-based song searches, and a Shazam-like music identification feature.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $40.21 Billion |
| Forecasted Market Value (USD) by 2030 | $75.04 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Increasing availability of high-speed internet coupled with penetration of smart devices
- Growing integration of regional content on digital platforms
- Shift towards on-demand entertainment and preference for subscription-based models
Market Restraints
- Complex government regulatory framework and licensing regimes
Market Opportunities
- Innovations in artificial intelligence (AI) and machine learning (ML) for better music recommendation algorithms
- Integration of music streaming platforms with social media
Market Challenges
- Concerns regarding data privacy on music streaming platforms
Market Segmentation Analysis
- Service Type: Growing preference for subscription-based services ad it offers a superior user experience and no ad interruptions
- End-Use: Individual segment places higher emphasis on personalization and discovery features
Industry Insights
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Amazon.com, Inc.
- Apple, Inc.
- Bharti Airtel Limited
- Deezer
- Gaana Services by Entertainment Network India Ltd.
- Google LLC
- Hulu, LLC
- Hungama Digital Media Entertainment Pvt. Ltd.
- iHeartMedia, Inc.
- Liberty SiriusXM Group
- LINE MUSIC CORPORATION
- LiveXLive
- Mixcloud Limited
- Qobuz by XANDRIE SA
- Raaga
- ROCKBOT, INC.
- Roon Labs LLC
- Saavn Media Pvt Ltd.
- Sonu.stream
- SoundCloud Limited
- Spotify AB
- StreamSquid
- Tencent Music Entertainment Group
- Tidal
- TikTok by ByteDance Ltd.
- TuneIn, Inc.
Market Segmentation & Coverage
Service Type
- Ad-Supported Services
- Subscription-Based Services
Content Type
Platform
- Application-based
- Web-based
End-Use
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/ww1px4
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KEYWORD:
INDUSTRY KEYWORD: ENTERTAINMENT TECHNOLOGY ONLINE MOBILE ENTERTAINMENT MUSIC INTERNET
SOURCE: Research and Markets
Copyright Business Wire 2024.
PUB: 09/11/2024 08:44 AM/DISC: 09/11/2024 08:44 AM