The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.28% during 2023-2028.
Online music streaming applications enable users to listen to songs in real-time using an internet connection. These applications offer an on-demand service wherein audio media files are prearranged in sequential packets of data and transmitted to smartphones, tablets, TVs and computers without saving them to the hard drive. Presently, several companies are introducing smart devices, such as Amazon’s Alexa and Google Cast, to stream music online with hands-free control and instant playback features. With the escalating demand for these smart devices, on account of rapid urbanization, inflating disposable incomes and the emergence of smart homes, the demand for online music streaming applications is escalating worldwide.
Online Music Streaming Market Trends:
The growing dependency on smartphones, increasing penetration of the internet and the thriving media and entertainment industry are among the key factors stimulating the growth of the online music streaming market worldwide. Moreover, easy access to music on multiple devices, along with the rising trend of on-demand songs, are driving the market growth. Apart from this, the integration of online music streaming applications with social media platforms allows users to create and share collaborative playlists with acquaintances. They also offer young artists a platform to upload and promote their tracks and reach a wider audience. Furthermore, digital service providers (DSPs) are launching applications with a user-friendly interface and a huge library of music and podcasts. These providers are also offering attractive premium plans, such as family packs or free subscription for a few months, which, in turn, is anticipated to bolster the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global online music streamingmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, revenue model, platform, content type and end user.
Breakup by Service:
Breakup by Revenue Model:
Breakup by Platform:
Breakup by Content Type:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group.
Base Year of the Analysis
Service, Revenue Model, Platform, Content Type, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group
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Key Questions Answered in This Report
The global online music streaming market was valued at US$ 18.0 Billion in 2022.
We expect the global online music streaming market to exhibit a CAGR of 9.28% during 2023-2028.
The emerging trend of on-demand music, along with the introduction of smart devices, such as Amazon’s Alexa and Google cast, to stream music online with hands-free control and instant playback features, is primarily driving the global online music streaming market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of online music streaming platforms for entertainment purposes, during the lockdown scenario.
Based on the revenue model, the global online music streaming market has been segmented into subscription and non-subscription, where subscription currently holds the majority of the total market share.
Based on the platform, the global online music streaming market can be divided into app and browser. Currently, app exhibits a clear dominance in the market.
Based on the content type, the global online music streaming market has been categorized into audio and video, where audio currently accounts for the majority of the global market share.
Based on the end user, the global online music streaming market can be segregated into individual and commercial. Currently, individual holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global online music streaming market include Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB, and Tencent Music Entertainment Group.
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