Music Streaming Market Report 2024 (Global Edition)

Global Music Streaming Market Report 2024 Market Size Split by Service (On-demand streaming, Live streaming), by Platform (Apps, Browsers), by Content Type (Audio, Video), by End-Use (Individual, Comm...

Music Streaming Market Report Description

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Music Streaming Market Insights Video

Competitive Landscape of the Music Streaming Market

The music streaming marketplace has a competitive landscape dominated by key players, including Spotify, Apple Music, Amazon Music, and YouTube Music. These structures vie for customers with the aid of providing precise capabilities, numerous track catalogs, and customized reports. Emerging players and areas of interest services are also gaining traction, specializing in particular genres or regional markets. The competition fosters innovation in user interface design, content material curation, and pricing strategies. At the same time, partnerships with artists and one-of-a-kind releases similarly decorate differentiation in this unexpectedly evolving industry.

In January 2024, MEP Ibán García del Blanco's initiative report on "Cultural diversity and the conditions for authors in the European music streaming market" was overwhelmingly approved by the European Parliament plenary. In order to lay the foundation for a more equitable and sustainable ecosystem in this constantly expanding market, the research proposes Union-level actions while acknowledging the serious issues creators face. Source: https://authorsocieties.eu/press-release-european-parliament-adopts-its-report-on-the-music-streaming-market/ In December 2023, Sona started its marketplace and music streaming service to incentivize fans to purchase "digital twins" of tracks. With its rewards scheme, auctions, and ad-free streaming, Sona is a new web3 streaming protocol that employs DeFi primitives—basic building blocks of decentralized finance—to return financial power to artists. Source: https://techcrunch.com/2023/12/06/sonu-music-streaming-platform-nft-marketplace/

Top Companies Market Share in Music Streaming Industry: (In no particular order of Rank)

• Spotify
• Apple Music
• Amazon Music
• YouTube Music
• Pandora
• Deezer
• Tencent Music Entertainment
• Google Play Music
• Tidal
• iHeartRadio
• SoundCloud
• JioSaavn
• Gaana
• Napster
• QQ Music
• Anghami
• Melon
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Music Streaming Market

Which Region Dominates the Music Streaming Market in 2024?

According to Cognitive Market Research, North America currently dominates the Music Streamings market, and the region is expected to have significant growth during the projected period. The Music Streaming market in North America is experiencing a steady increase, pushed by growing cellphone penetration, excessive-velocity net admission, and converting consumer preferences for on-demand content. Major platforms like Spotify and Apple Music dominate, while competition fosters innovation and diverse offerings, catering to a wide variety of musical tastes.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The Asia-Pacific music streaming marketplace is unexpectedly growing, fueled by rising telephone adoption, advanced net infrastructure, and a growing adolescent population. Regional systems and global giants are competing to seize market share, imparting diverse content tailored to neighborhood tastes, thereby improving subscriptions and consumer engagement across the region.

The current report Scope analyzes Music Streaming Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Music Streaming

According to Cognitive Market Research, the global Music Streaming market size was estimated at USD 34524.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 13809.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Music Streaming market with a market size of USD 10895.93 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period. The U.S. market's increasing smartphone penetration.
• The Canada Music Streaming market had a market share of USD 1657.18 million in 2024 and is projected to grow at a CAGR of 14.2% during the forecast period. Canada’s high-speed internet access.
• The Mexico Music Streaming market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 1256.69 million in 2024.

Europe Music Streaming

According to Cognitive Market Research, the global Music Streaming market size was estimated at USD 34524.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 552.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

• The United Kingdom Music Streaming market had a market share of USD 1740.03 million in 2024 and is projected to grow at a CAGR of 14.5% during the forecast period. In the UK, Music Streaming sales witness an upswing due to the growing demand for digital music.
• The France Music Streaming market is projected to witness growth at a CAGR of 12.9% during the forecast period, with a market size of USD 952.88 million in 2024.
• According to Cognitive Market Research, the German Music Streaming market size was valued at USD 2050.76 million in 2024 and is projected to grow at a CAGR of 13.9% during the forecast period. In Germany, Music Streaming surged due to the subscription model popularity.
• The Italy Music Streaming market is projected to witness growth at a CAGR of 13.1% during the forecast period, with a market size of USD 890.73 million in 2024.
• The Russia Music Streaming market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 1605.39 million in 2024.
• The Spain Music Streaming market is projected to witness growth at a CAGR of 12.8% during the forecast period with a market size of USD 849.30 million in 2024
• The Luxembourg Music Streaming market is projected to witness growth at a CAGR of 13.8% during the forecast period, with a market size of USD 321.08 million in 2024.
• The Portugal Music Streaming market is projected to witness growth at a CAGR of 13.5% during the forecast period, with a market size of USD 217.50 million in 2024.
• The Greece Music Streaming market is projected to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 124.29 million in 2024.
• The Rest of Europe's Music Streaming market is projected to witness growth at a CAGR of 12.4% during the forecast period, with a market size of USD 1605.39 million in 2024.

Asia Pacific Music Streaming

According to Cognitive Market Research, the global Music Streaming market size was estimated at USD 34524.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 7940.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Music Streaming market size was valued at USD 3573.29 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period. Music Streaming surged in China due to exclusive content offerings.
• The Japan Music Streaming market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 1095.81 million in 2024.
• The India Music Streaming market had a market share of USD 952.88 million in 2024 and is projected to grow at a CAGR of 19.0% during the forecast period. India's social media integration.
• The South Korean Music Streaming market is projected to witness growth at a CAGR of 16.3% during the forecast period, with a market size of USD 794.06 million in 2024.
• The Australian Music Streaming market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 412.91 million in 2024.
• The South East Asia Music Streaming market is projected to witness growth at a CAGR of 18.2% during the forecast period, with a market size of USD 547.90 million in 2024.
• The Rest of Asia Pacific Music Streaming market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 563.79 million in 2024.

South America Music Streaming

According to Cognitive Market Research, the global Music Streaming market size was estimated at USD 34524.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1726.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Music Streaming market size was valued at USD 738.82 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period. Music Streamings flourished in Brazil due to user-friendly interfaces.
• Argentina's Music Streaming market had a market share of USD 290.01 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. Argentina's diverse music catalog.
• Colombia Music Streaming market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 153.63 million in 2024.
• Peru Music Streaming market is projected to witness growth at a CAGR of 14.8% during the forecast period, with a market size of USD 141.55 million in 2024.
• Chile Music Streaming market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 124.29 million in 2024.
• The Rest of Latin America's Music Streaming market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 277.92 million in 2024.

Middle East and Africa Music Streaming

According to Cognitive Market Research, the global Music Streaming market size was estimated at USD 34524.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 690.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.9% from 2024 to 2031..

• The GCC Countries Music Streaming market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 295.53 million in 2024. Music Streaming sales flourish due to the personalized recommendations.
• The Egypt Music Streaming market is projected to witness growth at a CAGR of 15.2% during the forecast period, with a market size of USD 72.50 million in 2024.
• The South Africa Music Streaming market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 109.10 million in 2024. Music Streaming sales flourished in South Africa due to global music trends.
• The Turkey Music Streaming market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 59.38 million in 2024.
• The Nigeria Music Streaming market is projected to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 72.50 million in 2024.
• The Rest of the MEA Music Streaming market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 81.48 million in 2024.

Music Streaming Market Analysis

How are Segments Performing in the Global Music Streaming Market?

Music Streaming Market Service Segment Analysis

According to Cognitive Market Research, On-demand streaming are likely to dominate the Music Streaming Market over the forecast period. On-call for streaming is extensively boosting the Music Streaming marketplace by imparting listeners with immediate admission to tremendous music libraries. This model permits customers to curate personalized playlists and discover new artists, main to expanded engagement and subscriptions. As consumer alternatives shift, on-demand offerings continue to dominate the industry landscape.

The Live streaming is the fastest-growing segment in the Music Streaming Market. Live streaming is hastily growing the Music Streaming marketplace by providing real-time concert events, activities, and artist interactions. This layout complements fan engagement and creates particular reviews, attracting a much wider audience. Platforms are increasingly incorporating live streaming capabilities, enabling artists to connect with fans and monetize performances in modern methods.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Music Streaming Industry. Request a Free Sample PDF!

Music Streaming Market Platform Segment Analysis

According to Cognitive Market Research, the Apps segment holds the largest share of the market. Mobile apps are riding a boom inside the music streaming market by supplying users with convenient access to large song libraries anytime and anywhere. These apps offer personalized playlists, curated guidelines, and social sharing functions, enhancing user engagement. The upward thrust of app-primarily based structures has transformed how listeners discover and enjoy music.

In the Music Streaming Market, the Browsers has been expanding at a rapid pace. Web browsers are contributing to the growth of the Music Streaming marketplace by enabling users to access streaming services without the need for dedicated apps. This accessibility allows for seamless listening studies on numerous devices, growing consumer engagement. Browser-primarily based structures cater to numerous audiences in addition to expanding the market's reach and popularity.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Music Streaming Content Type Segment Analysis

Music Streaming Market Content Type Segment Analysis

According to Cognitive Market Research, Audio segment holds the largest market share. Audio's great improvements are riding a boom in the music streaming market as purchasers seek richer listening experiences. High-definition audio options, spatial audio functions, and lossless codecs are becoming increasingly famous, attracting audiophiles and casual listeners alike. This attention to audio excellence encourages more subscriptions and deeper engagement with streaming systems.

In the Music Streaming market, the rapidly growing sector is Video. Video content is increasing the Music Streaming market by integrating song films, live performances, and artist interviews into platforms. This multimedia technique complements user engagement and provides extra value to subscriptions. Services like YouTube Music leverage video to draw diverse audiences, enriching the overall song consumption experience and driving growth.

• Audio
• Video

Music Streaming End-Use Segment Analysis

Music Streaming Market End-Use Segment Analysis

According to Cognitive Market Research, the Individual segment dominates the market. Individual artists are increasingly driving growth inside the Music Streaming marketplace by leveraging platforms to connect with fans immediately. Through distinctive releases, personalized content, and social media engagement, artists enhance their visibility and reach. This empowers musicians to build dedicated followings and monetize their work effectively, shaping industry dynamics.

Commercial is projected to be the fastest-growing segment in the Music Streaming market. The commercial phase is boosting the Music Streaming marketplace through partnerships with manufacturers and marketing groups. Companies leverage Music Streaming systems for targeted advertising and emblem collaborations, reaching particular audiences. This fashion not only complements revenue for streaming offerings but also creates precise promotional opportunities for artists and types alike.

• Individual
• Commercial

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion