Global Music Streaming Market is expected to Grow at CAGR 17.9% by 2027 owing to Rising Integration of Technology with Music Streaming Platforms and Strategic Expansion Initiatives, says Absolute Markets Insights

Integration of technologies like artificial intelligence and machine learning technologies in music streaming platforms to enhance the customer experience is influencing its adoption across the globe. These technologies enable the music streaming companies to analyse customer behaviour through their past music preference and accordingly provide music recommendations. For instance, Spotify’s discover weekly, with the help of artificial intelligence, offers customized features to its subscribers. This feature offers its subscribers with a customized list of 30 songs in the beginning of every week, based on the artists or the genres most searched during the past week. The company has strategically invested in the acquisition of music intelligence platform, Echo Nest, to offer this customized experience to its customers which witnessed subscription from about 40 Mn people on the first year of its launch. In terms of region, Europe has experienced a rapid rise in internet connectivity and smart phone penetration across the region in 2018, which has enabled the region’s population with a better access to music streaming platforms. In order to expand their consumer base, Sportify AB strategically expanded its operation across the European region. For instance, in 2020, the company launched its music streaming application across 13 countries including Russia, Albania, Belarus, Bosnia & Herzegovina, Croatia, Serbia, Kazakhstan, Moldova, Montenegro, Kosovo, North Macedonia, Slovenia and Ukraine. Moreover, to capture the Russian audience, the platform specifically added 100 Russian songs of different genres to its platform as a promotional strategy. These initiatives by the major players is contributing to the growth of music streaming market across the globe.

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The outbreak of the covid-19 pandemic has positively impacted the music streaming market across the globe. The major driver observed in the increasing adoption of music streaming platforms during the pandemic is the rising use of music streaming applications among individuals, owing to the nationwide lockdown across countries, which have enforced people to stay indoors for a long stretch of time. For instance, in the month of April alone, music streaming platforms experienced a hike in the rate of subscription by 2% across the United States. Live streaming platforms such as Twitch, Instagram, and YouTube also experienced an increase in viewer traffic since March 2020. For instance, Twitch experienced a surge of 542% in viewership, increase from an average of 92000 viewers to 574000 viewers, specifically in its music and performance arts category. This increase in subscription across the music streaming platforms have encouraged artists to undertake new and innovative ways to engage and attract new audiences. For instance, Twitch experienced a substantial increase in viewership following the launch by Bandsintown, on March 25th 2020, of a music marathon on the channel, which further influenced the growth of the channel’s subscription base during the pandemic. Similarly, Instagram experienced a 70% rise in its live video streaming across the United States in March 2020, compared to February 2020. Tory Lanez’s, an infamous artist for instance, launched an Instagram live streaming in April, called ‘Quarantine Radio’, which recorded a 350K views in the same month. Thus, the high adoption of music streaming platforms for music and art, from both audiences and artists during the pandemic is influencing the growth of the music streaming market across the globe.

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The detailed research study provides qualitative and quantitative analysis of global music streaming market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Global Music Streaming Market:

  • By Type
  • Live Streaming
  • On Demand Streaming
  • Music Streaming Market By Content Type
  • Audio Steaming
  • Video Streaming
  • By Payment Mode
  • Free
  • Subscription and Ad Supported
  • By Platform
  • Desktop
  • Smart Phone
  • Music Streaming Market By Age Group
  • 16 Years to 24 Years
  • 25 Years to 34 Years
  • 35 Years to 44 Years
  • 45 Years to 54 Years
  • Above 55 Years
  • By End User
  • Individual
  • Commercial
  • Music Streaming Market By Region
  • North America
  • S
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

 

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