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Music Streaming Market Size Worth USD 80.6 Billion at a CAGR of 16.5% by 2028 – Reports and Data

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Music Streaming Market Size Worth USD 80.6 Billion at a CAGR of 16.5% by 2028 – Reports and Data

August 27
17:54 2021
Music Streaming Market Size Worth USD 80.6 Billion at a CAGR of 16.5% by 2028 - Reports and Data
Music Streaming Market
Increasing popularity of online music streaming, growing number of smartphone users, and advent of AI-based music playlist are some key factors driving market revenue growth

Music Streaming Market Size – USD 23.6 Billion in 2020, Market Growth – at a CAGR of 16.5%, Market Trends – Adoption of advanced technologies such as 5G streaming, AR, VR, and AI

The Global Music Streaming Market size is expected to reach USD 80.6 Billion in 2028 and register a revenue CAGR of 16.5% over the forecast period, according to the latest report by Reports and Data. Increasing competition among music streaming service providers and growing number of users streaming digital content on smartphones, tablets, and desktops are some key factors expected to continue to drive market revenue growth over the forecast period.

Major players are investing in advanced technologies such as 5G for streaming, Augmented Reality (AR), Virtual Reality (VR), holograms, cloud-based services, and Artificial Intelligence (AI) to gain a competitive advantage and leverage revenue opportunities. In addition, advent of enhanced features such as track mixing, automated one-touch customized playlists, and voice assistance are expected to continue to enhance user experience on such platforms going ahead.

Consumers are preferring to pay for music content owing to rise in disposable income. Provision of both a free trial and a paid subscription is expanding user base as well as providing insights to further enhance online music streaming services. However, some threats to privacy and security of users and copy-right related issue related to music streaming in audio and video recording are expected to restrain market growth to a certain extent over the forecast period.

Major companies in the market include Amazon, Music Inc., Google LLC, Apple, Inc., Spotify AB, Pandora Media, Inc., iheartmedia, Inc., Deezer, SoundCloud Limited, Tencent Music Entertainment Group, and Tidal HiFi.

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Further key findings from the report

  • As per May 2021, Apple is integrating Dolby Atmos technology to Apple Music, along with Spatial Audio. Apple Music will play Dolby Atmos music by definition on all AirPods and Beats headphones with an H1 or W1 processor, including the built-in speakers in the latest iPhone, iPad, and Mac versions.
  • Audio segment is segment revenue is register fastest growth rate over the forecast period. Increasing popularity of streaming and trend of multitasking such as listening to music while working, exercising, driving, or doing household tasks is supporting other trends in the market. Increasing number of commercial users such as restaurants, offices, and cafeterias is also expected to fuel market growth.
  • Apps segment revenue is expected to register fastest revenue growth rate over the forecast period. App-based music streaming services have a strategic advantage in the market, which enables service providers to offer a significant volume of digital content that can be paid from through the app, and even a large number of tracks that can be heard for free.
  • On-demand streaming services have emerged as a promising alternative for limiting illegal music sharing and downloading, including all investors; from distributors to musicians. It also provides external tools to users and suggestions based on their previous records for their convenience.
  • Music streaming market in North America accounted for largest revenue share in 2020, High speed Internet services and distribution, growing number of connected devices, and improved digital payment infrastructure are factors contributing to growth of the market in the region.

To identify the key trends in the industry, click on the link below:

For the purpose of this report, Reports and Data has segmented the global music streaming market on the basis of content type, platform, service, end use, and region:

Content Type Outlook (Revenue, USD Million; 2018-2028)

  • Audio
  • Video

Platform Outlook (Revenue, USD Million; 2018-2028)

  • Browsers
  • Apps

Service Outlook (Revenue, USD Million; 2018-2028)

  • Live Streaming
  • On-demand

End Use Outlook (Revenue, USD Million; 2018-2028)

  • Individual
  • Commercial

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Regional Outlook (Revenue, USD Million; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

, all aspects of the Music Streaming market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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