The global music streaming market size is estimated to reach USD 76.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2020 to 2027. The growing adoption of digital music services is one of the key factors driving the market. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a notable shift from traditional viewership to online content consumption over the last decade. This is owing to the availability of vast databases of audio and video songs across streaming platforms.
The increasing integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Extended Reality (ER) is expected to support the growth of the market over the forecast period. For instance, ML-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. These technologies are further expected to bring advanced capabilities, such as song mixing, automated one-touch personalized playlists, and voice assistance, to the platforms.
Furthermore, the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. For instance, Spotify witnessed an upsurge in its monthly active users by 29.0% year-on-year to 299 million users in the second quarter of 2020. The increasing rate of digitalization and the rise in the adoption of digital music are fueling the industry’s growth.
The app segment dominated the market and accounted for the largest revenue share in 2019. This segment is expected to continue its dominance over the forecast period. This is attributed to the availability of thousands of soundtracks on applications that can be streamed for free. Users can also purchase selective songs available on these applications.
The audio segment dominated the market and accounted for the largest revenue share in 2019. This is attributed to an increasing number of commercial end-users including pubs, restaurants, cafes, and gymnasiums, who play songs in their commercial places for entertainment. Rising consumer preference for listening to songs while exercising, commuting, working, and doing household chores is driving the segment.
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