The Global Market for Music Streaming is Projected to Reach US$9.7 Billion by 2022

Era of On-Demand Media & Steaming Opens Massive New Opportunities for the Music Streaming Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Music Streaming market. The global market for Music Streaming is projected to reach US$9.7 billion by 2022, driven by the emerging new era of streaming media delivery supported by the proliferation of high-speed Internet, cloud technologies, and the changing rules for accessing media in the emerging world of mobile and connected devices.

The emergence of digital music and proliferation of the Internet has transformed the way music is accessed worldwide. Music streaming, also called streaming audio, enables real-time, uninterrupted listening to music without the need to download the file. The service allows users to legally gain access to millions of songs in high quality in return for a nominal subscription fee or for free over a service-defined period. Proliferation of smartphones and robust mobile Internet are driving the trend towards mobile streaming. With technology allowing people instant access to products and services, demand for instant music access coupled with innovation in services are contributing to rapid growth in popularity of on-demand music streaming. With consumerism creating the “Impulse Society”, consumer culture today stands elevated to immediate gratification of information, entertainment and communication needs. Anywhere, real-time, and instant access to music are buzzwords for success in the music retailing industry. Paid-for or subscription music streaming is the largest contributor to overall revenue in the on-demand streaming market. Ad-supported music streaming accounts for the largest share of the market in terms of number of users, while its contribution in terms of revenue remains small.

The recent years have witnessed significant pressure on companies particularly in developed markets to gradually move out of free services and focus less on freemium services. As a result, many streaming services today offer full-featured paid services. Subscriptions are gaining significant adoption as against free access, indicating consumer willingness to pay for premium content and service features. To ensure sustained growth service providers are embarking on various strategies such as bundling services with mobile subscriptions, providing advanced features such as curation and recommendations, impregnating music streaming in social media and diversifying into in-car streaming. While revenues from streaming services are expected to surge, the industry faces hurdles such as the potent threat of piracy, lack of profitability, licensing issues and intense competition. Some of these pressures have already sparked consolidation within the industry, which is expected to continue in the foreseeable future. 

As stated by the new market research report on Music Streaming, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market worldwide, with a CAGR of 13.4% through the analysis period. The growth in the region is led by growing sales of smartphones, increase in mobile Internet subscriptions, improved bandwidth speed with the launch of 3.5G & 4G networks, rising disposable income, digitalizing lifestyles of the affluent middle class population and increased spending on digital leisure and entertainment solutions.

Major players covered in the report include Apple Inc., Deezer, Google Inc., Guvera Ltd., Hungama.com Pvt. Ltd., Microsoft Corp., Pandora Media, Inc., Rhapsody International Inc., Saavn, LLC, Slacker, Inc., SoundCloud Limited and Spotify Ltd.

The research report titled “Music Streaming: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Music Streaming in terms of US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe) Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Middle East & Africa (South Africa and Rest of Middle East & Africa) and Latin America (Brazil, Mexico and Rest of Latin America).

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