Music Market and Streaming Services Market is expected to reach US$ 22.9 Bn in 2022, likely to surge at a vigorous 18.4% CAGR during the assessment period 2022-2032. The availability of subscriptions, as well as free services with the inclusion of advertisements is set to propel the demand for music market and streaming services.
Music streaming services are referred to those platforms that enable users to watch music videos, listen to podcasts, and stream audios. These platforms provide various features, such as hassle-free accessibility on applications, song recommendations, browsers, and auto customization of the playlist.
These services allow users to download songs for offline playback. Some of the newly launched services enable users to upload their own music playlists to the cloud which is often called the ‘music locker.’
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Numerous service providers are nowadays offering a free trial run of their premium subscriptions for a certain period of time. Other promotional offers, such as price cuts in subscription models and free monthly trials, especially in developing countries are expected to fuel the sales of music market and streaming services.
Which are Some Prominent Drivers Spearheading Music Market and Streaming Services Market Growth?
The sudden outbreak of the COVID-19 pandemic in December 2019 resulted in the rising number of collaborations among music artists. This is anticipated to create new growth opportunities for companies operating in the market via subscriptions and advertisements.
The rapid shift of various companies towards the collection of artist data for attracting similar musicians in each country is expected to drive the market. They are striving to target local users and surge their return on investment through this strategy.
The rising adoption of smart devices and the high popularity of several innovative digital platforms worldwide are anticipated to positively affect the sales of music market and streaming services in the near future. The growing popularity of the podcast genre among millennials owing to the emergence of numerous creators who are discussing undebated global scenarios is likely to augur well for the market.
In February 2022, for instance, LinkedIn, an employment-oriented online service, launched ‘LinkedIn Podcast Network’ to host a wide range of shows related to the latest professional trends. Listeners will be able to stream these podcasts via audio providers, such as Spotify and Apple Podcasts. The introduction to similar other podcast channels and platforms by leading players is expected to boost the growth.
What are the Challenges Faced by the Music Market and Streaming Services Industry?
Various concerns associated with the privacy and security of user databases may hamper the growth in this market in the upcoming years. To tackle these threats, governments of several countries are trying to bring the industry under strict norms.
In October 2018, the U.S. legislation signed a new law called the Music Modernization Act to upgrade copyright-related issues for audio and music recordings because of new forms of technology, mainly digital streaming. The ongoing implementation of similar laws by regulatory bodies can help the market to grow at a steady pace.
Why is North America Emerging as an Opportunistic Music Market and Streaming Services Market?
North America is expected to remain at the forefront in the music market and streaming services market throughout the forthcoming years. The presence of a large number of prominent companies, such as Pandora Media, Inc., Google LLC, Apple, Inc., and Amazon.com, Inc. in the U.S. is one of the significant factors that is set to drive the demand for music market and streaming services in this region.
The easy availability of connected devices, fixed broadband speeds and coverage, and the presence of a well-established digital payment infrastructure are some of the other factors that are likely to spur the growth in this region. Many service providers are also investing huge sums in the development of cutting-edge platforms for usage in vehicles.
In February 2022, for instance, Spotify announced the availability of Car Thing, a smart music and podcast player that can provide a more personalized and seamless in-car listening experience in the U.S. for US$ 89.99. It features voice commands, swipes, turns, and simple taps. The increasing launch of such innovative products in the U.S. is anticipated to augment the market in North America.
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How is Europe Contributing to Growth of the Music Market and Streaming Services Market?
The rapid shift of people towards smartphones in Europe is likely to change their internet consumption patterns, which is set to bolster the music market and streaming services market share in the assessment period. The rising number of new customers, especially in the U.K., Germany, and Italy owing to the increasing inclination from the conventional generations of music distribution, such as digital downloads and physical sales is anticipated to augment the growth.
The development of unique platforms with the personalized playlist feature in Europe where users can merge music recommendations with news and talk shows, is set to bode well for the market. These platforms are specially designed for in-car consumption and they resemble the format of music radios.
Market Competition
Some of the key participants operating in the global music market and streaming services market include Tidal, SoundCloud Limited, Spotify AB, Google LLC, Tencent Music Entertainment Group, Apple, Inc., Pandora Media, Inc., Deezer, and Amazon.com, Inc.
Majority of these key players are focusing on integrating their platforms with Machine Learning (ML) and Artificial Intelligence (AI) to provide a personalized streaming experience to users. Meanwhile, some of the other leading music streaming providers are aiming to develop professional-sounding and high-quality applications to cater to the demand for real-time music.
Key Segments Profiled in the Music Market and Streaming Services Industry Survey
Service:
- Live streaming
- On-demand streaming
Platform:
- Browsers
- Apps
Content Type:
- Video
- Audio
End Use:
- Commercial
- Individual
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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