The global Music Streaming Market size is expected to reach USD 103.07 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.7% from 2022 to 2030. The growth of the market can be attributed to the rising popularity of music streaming platforms, coupled with the increasing disposable income of individuals. Spotify, YouTube Music, Pandora, SoundCloud, iHeartRadio, and Apple Music are some of the most well-known digital music platforms in the market. Many music streaming companies offer free trials as well as paid subscriptions. They also offer premium accounts at certain fees to provide users with various benefits, such as no ads and offline listening. The availability of such digital options, along with the declining sales of physical CDs, is contributing to the rapid adoption of music streaming services.
Moreover, cloud-based music is gaining wide popularity in the market. Companies are focused on developing user-friendly apps that allow music to be streamed easily on tablets and smartphones. The inclusion of the cloud component in music streaming platforms enables companies to enhance their services by offering benefits such as storage saving and easy streaming from multiple devices. Furthermore, factors such as the presence of a digitally literate population and the adoption of smart devices are accelerating market growth.
Music streaming services enable customers to browse and play music of their preference at any time. 5G has become one of the most popular market developments, offering lucrative opportunities to service providers. For instance, Amazon.com, Inc. has capitalized on this opportunity by launching a new music HD service that will provide lossless music tracks and downloads to music enthusiasts in the U.K., Japan, Germany, and the U.S. Furthermore, emerging technological breakthroughs such as artificial intelligence, virtual reality, and machine learning are expected to enable service providers to offer personalized playlists and a seamless user experience, thus boosting the growth of the market.
Related Press Release@ Music Streaming Market Report
Music Streaming Market Report Highlights
- The growing popularity of on-demand music services on platforms such as Spotify, SoundCloud, Tidal, Apple Music, and Bandcamp is expected to drive the market over the forecast period
- Based on content type, the video segment is anticipated to witness the fastest growth from 2022 to 2030
- The apps platform segment accounted for the largest revenue share in 2021 and is expected to maintain its lead over the forecast period. Customers prefer music apps owing to their user-friendly interfaces, developments in smartphone technologies, and increased portability of these apps
- The Middle East and Africa market is expected to register the fastest CAGR of 17.8% from 2022 to 2030