Online Music Streaming Market Expected to Reach $24,711.3 Million by 2027

online music streaming market size is expected to reach $24,711.3 million by 2027 at a CAGR of 9.8% from 2021 to 2027

PORTLAND, OR, UNITED STATES, August 25, 2021 / -- According to a new report published by Allied Market Research, titled, Online Music Streaming Market by Service, Revenue Model, Platform, End User, and Content Type: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global online music streaming market size is expected to reach $24,711.3 million by 2027 at a CAGR of 9.8% from 2021 to 2027.

Online music streaming is a means of delivering music without downloading any file from the internet. Music is stored on the servers’ database and is instantly transferred to the streamer or users’ device in real time over the internet. Online music streaming services allows users to stream online music videos, audio songs, podcasts, and live performances of artists. Online music streaming service providers offer certain features such as customized playlists, song recommendations, and easy accessibility to music on both the app and browser platforms. Increase in popularity of podcasts is attracting consumers’ attention lately, and is expected to drive the growth of the global market during the forecast period. In addition, online music streaming has gained high traction in the past few years, due to surge in adoption of smart devices such as smartphones and increase in popularity of digital platforms such as Spotify, Amazon Music, and Deezer. Moreover, wide-scale penetration of internet across the globe is positively impacting the online music streaming market.

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The emergence of online music streaming platforms such as Spotify and Apple Music has drastically reduced the illegal sharing and downloading of music over the internet that generated no revenue to the music labels and artists. This has notably minimized the threat of piracy, thus making online music streaming platforms a reliable option for artists and music labels such as Universal Music Publishing Group, Sony Music Entertainment, and Warner Music Group. Moreover, the constantly growing number of subscribers on music streaming platforms is increasing the audience globally. Moreover, high-quality, hassle-free services, free trials, and discounted prices offered by music streaming service providers attract a huge customer base. According to the International Federation of Phonographic Industry (IFPI), around 62.1% of the revenue of the global recorded music market comes from online streaming. These factors are anticipated to or propel the growth of the global online music streaming market during the forecast period.

The outbreak of COVID-19 pandemic boosted the growth of the global online music streaming market. During the first phase of the pandemic, certain behavioral changes prevailed among consumers. According to the Tencent Music Entertainment, people were engaged in streaming music using home appliances such as TV more than their smartphones during the lockdown. Moreover, upsurge has been witnessed in the number of subscribers on various platforms such as Spotify, Tencent Music Entertainment, and Amazon Music. People in the U.S. were streaming more of the video content rather than the audio content. Therefore, the pandemic boosted the growth of the video segment. Hence, the COVID-19 had a positive impact on the global online music streaming industry.

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The online music streaming market is segmented into service, revenue model, platform, end user, content type, and region. On the basis of service, the market is bifurcated into on-demand streaming and live streaming. By revenue model, it is segregated into subscription and non-subscription based model. As per platform, it is categorized into app and browser. Depending on end user, it is differentiated into individual and commercial. According to content type, it is fragmented into audio and video content. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, the Netherlands, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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David Correa
Allied Analytics LLP
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