The easy accessibility of music across the globe along with superior music quality will significantly drive the growth of the global music streaming platform market.

Covid 19 Impact and market status

Music streaming platforms have kept alive the source of income for artists during the period of the pandemic.  The pandemic has also positively impacted streaming platforms with a boom in the number of users and subscriptions. Although negatively impacting most businesses, the music streaming platform market experienced a sharp rise in the market during the pandemic. Owing to the lockdown, people used music as a stress reliever and mode of enjoyment.

The global market will be dominated by the individual segment

The ability to stream millions of music as per one’s interest at low monthly subscription plans will drive the growth of the individual segment. The expansion of a luxurious lifestyle involving listening to music while at the gym or at parties will significantly contribute to the global market growth. The multiple features of listening to music, podcasts and watching videos will immensely boost the application segment in the global music streaming platform market. The expansion of music in digital format will significantly aid in the expansion of the global music streaming industry.

The streaming applications market will drive the global market.

The global market's applications segment will grow as 5G technology becomes more widely available. The rising use of smartphones will drive the application segment. The market has experienced application development by several vendors to stream popular music and expands the market revenue. The development of multi-device compatible apps will boost the demand for music streaming applications. Applications provide a simplified procedure for streaming popular music and helps users to get recommendation on the playlist based on their level of interest. The utilization of artificial intelligence and machine learning has strengthened the recommendation engine for the applications making it more user-friendly and enhancing the power to display content based on user interest.

The global market share will be dominated by North America.

The availability of high-speed network connectivity along with hassle-free online payment procedures will significantly drive the music streaming platform market in this region. The advancements and collaborations made by key market players are crucial factors contributing to global market growth. The increased investments and presence of worldwide popular musicians will help expand the revenue for these platforms. The presence of a mass audience will generate significant revenue for the regional market

Subscriber’s access to out-of-print recordings will benefit the demand for the global market

With no requirement for storage space in the user hard drive, the music streaming platform market will experience a boom during the forecasted period.  The wide range of music selections will foster customer attraction towards music streaming platforms. The ability to create and maintain user playlists will contribute to the growth of the global music streaming platform market. The maximized accessibility of the latest genres of music immensely benefits the global music streaming platform market. Music streaming platforms allow newly released music to become hits by reaching a wide set of audience. The music streaming platforms provides opportunities to new artists by providing several advertisement campaigns to maximize their visibility. New artists gain a platform to showcase their skills and attract more listeners to engage with their music. The simplified access and mobility of digital music will serve as a crucial factor for the growth of the global music streaming platform market.

Music streaming platforms serve as a major solution for music piracy that otherwise led to the distribution of degraded quality music. The ability to provide maximized exposure to artists by allowing them to create their playlists to be streamed will immensely benefit the global music streaming platform market. Music streaming platforms help artists to analyse listeners’ behaviour towards music and invest their skills accordingly. The ability to stream online music without any storage requirements at any place or time is the major contributor towards global market growth.

Moreover, the establishment of monthly subscriptions allows revenue for the streaming platforms as well as the artist working hard with their musical skills which ultimately benefits the music industry across the globe. Likewise, the ability to access several genres of music will significantly fuel the global market growth. The increased use of smartphones and widespread network connectivity are major reasons for the increased demand for music streaming platforms services.

Furthermore, music streaming platforms provide diversified music availability to remove boredom. Music streaming platforms are built with high-tech algorithms that can generate automatic playlists based on the listeners’ interests. The maximized use of podcasts will generate demand for the global music streaming platform market. Users can listen to music using budget-friendly monthly subscriptions that would generate revenue for the stakeholders and the artists. Music streaming platforms analyse user interests and provide enhanced decisions on the implementation of promotion and products. The availability of portable music anytime and anywhere will serve as a crucial factor for the growth of the global music streaming platform market. The global music streaming platform market will achieve an estimated market value of USD 21.54 Billion with an expected CAGR of 12.45% by 2029.

Although having several benefits, certain factors might slow down the growth of the global music streaming platform market. The music is not owned by the listeners as is the case with compact drives. Users who stream music from a free account receive unnecessary advertisements which degrade the quality of music. Despite the revenue being high for stakeholders of these platforms, the actual artist is only liable to reduced incomes. The presence of a good network connection is required to ensure smooth music streaming online. The expansion of music streaming platforms can serve as a threat to already established musicians and their earnings. Some less reliable music streaming platforms can collect user information. Advertisements are the major source of revenue for certain music streaming platforms. Moreover, there is no presence of music copy streamed by the users.

The major market dominators in the music streaming segment are Deezer, Pandora Media, Inc, Tencent Music Entertainment Group and Tidal, Spotify, gaana and wynk music. These top platforms have constantly collaborated with established artists to maximise the streaming of popular songs to reach a wide set of audience and maximize their revenue. The platform has also implemented many advertisements for free account users which compelled listeners to go for affordable monthly subscription plans.

Technical developments

• Ultra-high-definition and high-definition music streaming options were made available by Amazon to compete in January 2020 to compete in the global market.
• Spotify expanded its services in 13 countries including Russia, Albania and Belarus in July 2020

Music Streaming Platform Market Scope

Key Segments of the Global Market

Platform Type Overview, 2019-2029 (USD Billion)

• browsers
• applications

Service Type Overview, 2019-2029 (USD Billion)

• on-demand streaming
• live streaming

Content Type Overview, 2019-2029 (USD Billion)

• audio
• video

End-Use Overview, 2019-2029 (USD Billion)

• individual
• commercial

Regional Overview, 2019-2029 (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa