Music Streaming Market , 47% of Growth to Originate from North America, Technavio

NEW YORK, Dec. 18, 2024 /PRNewswire/ -- The global music streaming market size is estimated to grow by USD 49.63 Billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 19.99% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. North America - North America is estimated to contribute 47%. To the growth of the global market. The Music Streaming Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.  The music streaming market is experiencing significant advancements with the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies. AI features, such as personalized recommendations, are now prime membership benefits for many streaming services. Unauthorized music streaming remains a challenge, but OTT platforms are addressing this issue through partnerships with record labels and rights holders. Live videos are a growing trend, with YouTube Live and Facebook Periscope leading the way. The music industry is witnessing a shift from traditional audio segment to a more diverse video segment. Consumers can now enjoy live streaming, rewind, fastforward, and pause features on application-based and web-based platforms. Revenue channels include non-subscription and subscription models for individual and commercial use. Interactive and social features, such as collaborative playlists, are driving engagement and global expansion. Cloud-based infrastructure enables high-fidelity and lossless streaming, enhancing the user experience. AI-driven personalization and live audio are the future of music streaming, with virtual concerts offering experiences for consumers.

The music streaming market is a significant business sector, with numerous companies offering subscriptions for on-demand access to millions of songs. These services generate revenue through monthly or annual subscriptions, providing consumers with convenience and flexibility. Major players like Spotify, Apple Music, and Amazon Prime Music compete for market share, offering various features such as personalized playlists and offline listening. This market continues to grow, attracting both music industry giants and tech companies.

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Segmentation Overview

1. Type 
• 1.1 Free
• 1.2 Paid
2. End-user 
• 2.1 Individual users
• 2.2 Commercial users
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The free music streaming segment is expected to experience moderate growth in the music streaming market during the forecast period. Free music streaming is an advertising-supported service where vendors generate revenue by displaying ads during music play or when users make in-spot purchases. Leading global providers like Spotify and Alphabet offer free streaming services with limited music access and intermittent ads. For instance, Spotify's free users can access 750 songs, while Alphabet provides up to 50,000 songs with some ads. The free segment's growth is attributed to its widespread popularity and accessibility, making it a significant driver for the global music streaming market's expansion.

Research Analysis

Music streaming services have revolutionized the way consumers access and enjoy their favorite tunes, podcasts, and even live performances. With the rise of smart devices, music streams can now be accessed on-demand through websites and mobile apps, making music more convenient than ever before. Music videos and audio files can be streamed in high quality, with some services offering benefits like 5G connectivity for faster streams and downloads. 5G technology and 4G technology have made it possible for consumers to enjoy uninterrupted music streams, even on-the-go. Artificial Intelligence (AI) and Machine Learning (ML) have also made their way into music streaming, with features like personalized playlists and song recommendations based on listening history. Prime membership benefits, live videos, and social media websites like YouTube Live and Facebook Periscope have added to the music streaming experience. The music industry has embraced Over-the-Top (OTT) platforms, with individual segments like restaurants, cafeterias, salons, and gyms adopting cloud-based infrastructure for their music needs. However, unauthorized music streaming remains a concern, with consumers turning to piracy sites and apps to access copyrighted content. Rewind features and live streaming capabilities have added to the appeal of music streaming services, making them an essential part of modern entertainment.

Market Overview

Music streaming market is a dynamic and rapidly growing industry, driven by the proliferation of digital platforms and smart devices. Music streaming services, available as websites and application-based platforms, offer consumers on-demand access to music videos, podcasts, audio files, and live streams. Advancements in technologies like 5G connectivity and AI/ML enable high-quality music streams and personalized recommendations. Consumers can rewind, fastforward, pause, and interact with social features like collaborative playlists and live streaming. Revenue channels include non-subscription and subscription models for individual and commercial use. Unauthorized music streaming remains a challenge, while live videos, social media websites, and OTT platforms offer new opportunities. The music industry is transforming, with the audio and video segments experiencing significant growth. Cloud-based infrastructure, AI-driven personalization, and virtual concerts are shaping the future of music streaming. Smart devices, from smart speakers to alarms and voice commands, are making music streaming more accessible and convenient. Global expansion and localization are key trends, with social sharing and collaborative playlists enhancing the user experience.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio