Music On-Demand

Music On-Demand

Global Music On-Demand Market to Reach US$106.1 Billion by 2030

The global market for Music On-Demand estimated at US$48.3 Billion in the year 2023, is expected to reach US$106.1 Billion by 2030, growing at a CAGR of 11.9% over the analysis period 2023-2030. Music Streaming, one of the segments analyzed in the report, is expected to record a 12.7% CAGR and reach US$80.3 Billion by the end of the analysis period. Growth in the Radio On-Demand segment is estimated at 9.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$13.2 Billion While China is Forecast to Grow at 16.2% CAGR

The Music On-Demand market in the U.S. is estimated at US$13.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$23.2 Billion by the year 2030 trailing a CAGR of 16.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.9% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.5% CAGR.

Global Music On-Demand Market - Key Trends and Drivers Summarized

Music on-demand represents a digital shift in the music industry, allowing users to select and listen to music tracks instantly from a vast library hosted online. This model is primarily facilitated through streaming services like Spotify, Apple Music, and Amazon Music, which have fundamentally changed how music is consumed. Users can access millions of songs across multiple devices—smartphones, tablets, computers, and smart speakers—without the need for physical storage. The services typically offer various subscription models, including freemium versions supported by advertisements and premium versions providing additional features like offline listening and ad-free streaming. This on-demand accessibility not only caters to the consumer`s desire for instant and unlimited access but also allows for personalized music experiences through playlists and recommendations tailored to individual tastes.

The on-demand music sector relies heavily on sophisticated algorithms to analyze user preferences, listening habits, and behavioral data to suggest new music and curate personalized playlists. This technology enhances user engagement by constantly introducing listeners to new music, aligning with their tastes and increasing the time spent on the platform. Moreover, social features, such as sharing playlists and seeing what friends are listening to, integrate community aspects into these platforms, further embedding them into social interactions and daily routines. The rise of high-speed internet and the proliferation of mobile technology have been pivotal, enabling seamless access to streaming services at home, work, or on the go. These technological advancements have also allowed artists to bypass traditional music distribution channels and directly reach global audiences, democratizing music production and distribution.

The growth in the music on-demand market is driven by several factors, including advances in mobile technology, changes in consumer preferences, and the evolving structure of the music industry itself. As smartphones and data connectivity have become ubiquitous, the convenience of accessing a vast music library anytime and anywhere has propelled the adoption of streaming services. Consumer behavior has shifted towards valuing accessibility and personalization over ownership of physical media like CDs or vinyl records. Furthermore, the economic model of music on-demand services, which relies on subscription fees and targeted advertising, offers a sustainable revenue stream while providing consumers with relatively low-cost access to a wide range of music. Additionally, collaborations between music streaming services and telecommunications companies, which bundle streaming subscriptions with mobile data plans, have also contributed to the market`s expansion. These factors, combined with the industry`s focus on customer experience and integration with other digital platforms, suggest a continued growth trajectory for music on-demand services, shaping the future of music consumption.

Select Competitors (Total 49 Featured) -

• Amazon.com Inc.
• Apple Inc.
• Auracle Sound Ltd.
• Canadian Broadcasting Corp.
• Deezer SA
• Gesellschaft für musikalische Aufführungs- und mechanische Vervielfältigungsrechte (GEMA)
• Katz Media Group
• LiveXLive Corp. (Liveone)
• Mixcloud Ltd.
• Mood Media Corp.
• NetEase, Inc.
• SoundCloud Ltd.
• Spotify AB
• Tencent Music Entertainment Group
• TIDAL Music AS;

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