Music Streaming Services in the US - Industry Market Research Report

Queued up: Increased internal competition will affect industry profit growth

The Music Streaming Services industry has become one of the fastest growing domestic industries over the past decade. Music streaming holds its roots in the introduction of the MP3 file, which was released in the late 1990s. While these websites have come and gone, consumer demand for digital music access has persisted. This demand spurred innovation in the early 2000s and 2010s, leading to the creation of major competing enterprises that characterize the industry today. These brands have benefited from first-to-market access, enabling them to build a significant user base in a short period of time. Still, competition has intensified in recent years, driven by substantial revenue growth since the industry's conception. Therefore, industry revenue has increased at an expected CAGR of 9.9% to reach an estimated $17.7 billion in 2023, when revenue is set to grow 4.8%. Companies in this industry provide infrastructure for customers to listen to music via the internet. Music streaming services generate revenue through ad-support and paid subscription music services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.