Music streaming

Music Streaming Market Size, Share, Revenue, Sell – 2020 Updated Report and Forecast Projected to 2027 | Grand View Research, Inc.

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Increasing introduction of advanced systems to reduce power consumption coupled with the emergence of modular data centers is expected to boost the music streaming market, according to a new report released by Grand View Research.

The Global music streaming market it is estimated that the size reached $ 76.9 billion by 2027, according to a new report from Grand View Research, Inc. The market is expected to develop at a 17.8% CAGR from 2020 to 2027. One of the key drivers of the market is the growing adoption of digital music services. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a noticeable shift from traditional audience to online content consumption over the past decade. This is due to the availability of large databases of audio and video songs on the streaming platforms.

The increasing integration of technologies such as artificial intelligence (AI), machine learning (ML) and extended reality (ER) is expected to support the market growth during the forecast period. For example, the music platforms built into ML analyze the artists, songs, and albums that a user listens to most often to find out what interests them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines and providing a better understanding of consumer preferences. These technologies are also expected to bring advanced functionality to the platforms, such as song mixing, automated personalized playlists and voice assistance.

In addition, the industry is expected to experience significant growth amid the global COVID-19 pandemic, as most outdoor recreation activities have come to a halt. Downloading and use of music streaming apps has been on the rise since lockdowns were imposed in several countries severely affected by the pandemic. For example, Spotify saw an increase in its monthly active users by 29.0% year-on-year to reach 299 million users in the second quarter of 2020. The increasing rate of digitization and increasing adoption of digital music fuel industry growth. .

The applications segment dominated the market and accounted for the largest share of revenue in 2019. This segment is expected to continue to dominate during the forecast period. This is attributed to the availability of thousands of soundtracks on apps that can be streamed for free. Users can also purchase selective songs available on these apps.

The audio segment dominated the market and accounted for the largest share of revenue in 2019. This is attributed to a growing number of commercial end users, including pubs, restaurants, cafes and gyms, who play songs in their places of business for entertainment purposes. The growing consumer preference for listening to songs while exercising, traveling, working and doing household chores is driving the segment.

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Highlights of the Music Streaming Market Report

• The growing preference for on-demand music services on platforms such as Spotify, Apple Music, Tidal, SoundCloud and Bandcamp is likely to boost the industry during the forecast period.

• Video content segment is expected to experience tremendous growth, registering a CAGR of nearly 19.0% during the forecast period

• Consumers are seen to favor the use of music applications due to their user-friendly interfaces, advances in smartphones and ease of listening to songs.

• The commercial end-use segment is expected to capture nearly 40.0% of the revenue share by 2027

• In the Middle East and Africa market is expected to experience a CAGR of over 21.0% from 2020 to 2027.

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Segmentation of the music streaming market

Grand View Research has segmented the global music streaming market on the basis of service, platform, content type, end use, and region:

Music Streaming Service Outlook (Revenue, USD Billion, 2016 – 2027)

• On demand

• Live

Music Streaming Platform Outlook (Revenue, USD Billion, 2016 – 2027)

• Applications

• Browsers

Music Streaming Content Type Outlook (Revenue, USD Billion, 2016 – 2027)

• Audio

• Video

Music Streaming End-Use Outlook (Revenue, USD Billion, 2016 – 2027)

• Individual

• Commercial

Regional Music Streaming Outlook (Revenue, USD Billion, 2016 – 2027)

• North America

• WE

• Canada

• Europe

• Germany

• UK

• Asia Pacific

• China

• India

• Japan

• Latin America

• Brazil

• Mexico

• Middle East and Africa

• Middle East and Africa

List of key players in the music streaming market

• Spotify AB

• Apple Inc.

• Amazon.com, Inc.

• Google LLC

• Deezer

• Pandora Media, Inc.

• Tencent Music Entertainment Group

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California and headquartered in San Francisco. The company offers syndicated research reports, custom research reports, and advisory services. With Grand View Research, you have the ability to understand market trends, business information and statistics from a strategic perspective. With an in-depth understanding of many business environments, Grand View Research provides business intelligence and market research and conducts over 300 multi-country market studies.

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