The increase in digitalization and growth in the adoption of digital music is paving the trajectory for growth of the music streaming market. The market is moving ahead with the growth in penetration of the internet and smartphones. Both the content types, music streaming, and video streaming are witnessing high popularity across the globe. The surge in the number of service providers along with the presence of numerous subscription schemes is positively influencing the market growth. Major music streaming applications gaining demand in the market are Amazon music, Apple, and Spotify.
North America is expected to lead the global market in terms of growth owing to the high adoption rate of digital music and the availability of resources offering the advanced streaming experience to the consumers. Advanced data services such as 4g and fast broadband connectivity in the region also act in its favor. Regions such as China are exhibiting rapid market growth on the back of escalating adoption rate of applications such as Saavan and Gaana.
Prominent market players are adopting innovative strategies to capture the markets in developing economies. They are indulging in on-demand music to gain a larger audience. Established market participants are iHeartRadio, Spotify, SoundCloud, Amazon Music, Apple, Deezer, Google, and Pandora.
Music streaming has witnessed an upsurge in the past three years with increasing digitalization and increasing adoption of digital music. As a result of increasing adoption of music streaming, a decline in the market share of downloaded music, in the global digital music market, is witnessed, in terms of value.
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Global music streaming market:Overview
In this report, PMR has segmented the global music streaming market on the basis of type of streaming, end-user, content type and region. By type of streaming, the market is sub-segmented into rugged live streaming and on-demand streaming.
With the increasing introduction of audio music streaming applications, offering advanced features with its subscription based music streaming applications, end-users across the globe have started adopting on-demand music streaming services. In addition to this, on-demand streaming is expected to witness an incremental opportunity of US$ 25,617.78 Mn from 2018 to 2026.
However, owing to the presence of huge audience over YouTube, a considerable market share is held by live streaming segment as well. One of the recent development witnessed across this segment, is the introduction of subscription based YouTube music streaming option. This, as a result, is expected to drive the growth of on-demand music streaming segment.
Increasing penetration of internet, and increasing adoption of smartphones and laptops complimented by the increasing volume of millennial population over the next decade and the transitioning consumer behavior with increasing digitalization, are expected to be the key driving factors for the global music streaming market.
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Based on end-user, the music streaming market is sub-segmented into residential and commercial. The growing consumer disposable income and increasing adoption of advanced consumer electronic devices such as smartphones and laptops across the globe, especially across developing countries such as China, India etc. are some of the major factors driving the growth of residential sub-segment, in the global music streaming market. In addition to this, owing to the restricted adoption of music streaming across commercial segment, the same segment is, thus, expected to witness a comparatively lower CAGR, in the global music streaming market.
Based on content type, the music streaming market is sub-segmented into audio streaming and video streaming. The low cost associated with the advertisements showcased over free video music streaming applications such as YouTube, especially in Asia Pacific region, in comparison to free audio music streaming applications, is one the factor owing for the restricted market value in the global music streaming market.
In addition to this, increasing volume of audio music streaming service subscribers globally, complimented by the high prices associated with the subscription across all major audio music streaming applications such as Apple, Spotify, Amazon Music etc., has been a major driving factor for the audio streaming segment.
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On the basis of geography, the music streaming market is segmented into various regions, which include North America, Latin America, Europe, China, Japan, SEA & Others of APAC, and Middle East & Africa. The North America music streaming market is expected to dominate the global music streaming market due to high adoption of digital music in the U.S., availability of resources for offering advanced music streaming experience to the end-users, and high disposable income of the end-users, in the region.
The region has witnessed the adoption of advanced data services such as uninterrupted 4G and high speed broadband connectivity since the past four years as well. These factors are fuelling the growth of the music streaming market in North America. Moreover, the music streaming market has high potential in SEA & Pacific and China owing to the increasing adoption of free music streaming applications such as JOOX, Saavn, Gaana etc.
According to PMR analysis, increasing awareness against the adoption of pirated content, high growth opportunities across developing countries and increasing establishments of new music streaming service providers are likely to increase revenue and new innovation strategies to enable music streaming manufacturers to reach new growth markets. Some of the market participants in the global music streaming market report include Apple, Google, Spotify, Deezer, Pandora, SoundCloud, JOOX, Amaon Music, iHeartRadio, and TIDAL.
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