Global Music Streaming Subscription Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Music Streaming Subscription Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Music streaming subscription services give users access to millions of songs for a monthly subscription fee. There are many services to choose from, and some are better suited for specific devices. These services are offering streaming of full-length content through the Internet as a part of their service, with a subscription basis with different plans.

Market Overview:

The latest research study on the global Music Streaming Subscription Service market finds that the global Music Streaming Subscription Service market reached a value of USD 33440.03 million in 2022. It’s expected that the market will achieve USD 109451.04 million by 2028, exhibiting a CAGR of 21.85% during the forecast period.

COVID-19 catalyzes new entertainment and new consumption

With the proliferation of COVID-19, countries have successively introduced restrictions on public gatherings, cultural and entertainment venues, and notices of suspension of work and school. Offline activities are restricted, and during the period of home isolation, the growth of demand for online entertainment from the majority of netizens has stimulated the expansion of various cloud entertainment methods. This factor has promoted the development of the music streaming subscription service market.

Impact from the long-term

When the COVID-19 pandemic ends, users will continue to develop the habit of music streaming subscription service, and the music streaming subscription service market will continue to heat up. In the context of the fading of traffic dividends, young user groups and third- and fourth-tier cities will become the new consumer groups focused on the layout of music streaming subscription service.

The increase in digitization and the increase in the adoption of digital music

The increase in digitization and the increase in the adoption of digital music are paving the way for the growth of the music streaming subscription service market. As the penetration rate of the Internet and smartphones grows, the market is moving forward. The surge in the number of music streaming subscription service providers and the existence of numerous subscription plans have had a positive impact on market growth.
With the increase of digitization and the popularity of digital music, music streaming subscription service has seen an upsurge in the past three years. Due to the increasing adoption of music streaming subscription service, in terms of value, the market share of downloaded music in the global digital music market is declining.

Copyright infringement issues

Music streaming subscription services such as Spotify, Tidal, Apple Music and Amazon Music have been committed to detecting potential misuse or abuse of illegal and unauthorized music streaming on the platform by integrating and improving multiple tracking programs, thereby combating knowledge Property rights infringement. They also impose restrictions on the mixing of songs, as this may lead to copyright infringement of the artist's interpretation. Although measures have been formulated to prevent music piracy, music creators are reluctant to get involved in legal disputes, especially because they believe that their creations are not known to the public or have no value, so much work has not been done in this regard. Such factors may hinder the development of the music streaming subscription service market.

Region Overview:

In 2021, the share of the Music Streaming Subscription Service market in North America stood at 33.78%.

Company Overview

Spotify is one of the major players operating in the Music Streaming Subscription Service market, holding a share of 35.86% in 2021.

Spotify

Spotify, headquartered in Stockholm, Sweden, is one of the world's largest music streaming service providers, with over 150 million total listeners. The firm monetizes its users through both a paid subscription model, referred to as its premium service, and an ad-based model, referred to as its ad-supported service.

Apple Music

Apple Music is an online music streaming service launched by Apple on June 30, 2015. Users of this service can order songs on their devices according to their choice.

Segmentation Overview:

By type, Audio Music Streaming segment accounted for the largest share of market in 2021.

Audio Music Streaming

The growing demand for audio content can be attributed to users' increasing preference for multitasking, especially listening to songs while commuting, exercising, or doing housework. In addition, more and more commercial end users, such as restaurants, cafes, bars and stadiums, using audio music streaming platforms to play songs in their commercial spaces are expected to promote the development of this market segment.

Video Music Streaming

The video segment is expected to show significant growth during the forecast period. The increasing preference of global users for OTT platforms is the main factor driving the growth of video music streaming services. In addition, the increasing use of OTT platforms for live performances and broadcasts is expected to drive the growth of this market segment during the forecast period. Consumers increasing preference for music videos has prompted service providers to add video capabilities to their products.

Application Overview:

The market's largest segment by application is the segment Individual Users, with a market share of 89.43% in 2021.

Individual Users

Because of the emergence of music streaming subscription service, users can easily access millions of songs. Changes in personal lifestyle, including listening to music while commuting, daily housework and exercise, have led to the growth of the personal market segment.

Commercial Users

Due to the development of commercial complexes, restaurants, gyms, fitness clubs and shopping centers, the commercial sector is expected to grow at a considerable rate. All these commercial spaces use music streaming subscription service to provide customers with a pleasant atmosphere.

Key Companies in the global Music Streaming Subscription Service market covered in Chapter 3:

Tencent Music
Apple Music
Amazon Music
Netease Music
Spotify
SoundCloud
Deezer
Pandora
YouTube Music
Tidal
MelON

In Chapter 4 and Chapter 14.2, on the basis of types, the Music Streaming Subscription Service market from 2018 to 2029 is primarily split into:

Audio Music Streaming
Video Music Streaming

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Music Streaming Subscription Service market from 2018 to 2029 covers:

Individual Users
Commercial Users

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)