Music Streaming Market Report and Forecast 2024-2032

According to this report, the global music streaming market size reached approximately USD 37.1 billion in 2023. Aided by the increasing smartphone penetration and internet access, the shift toward subscription-based models, and the rise of podcasts and non-music audio content, the market is projected to grow at a CAGR of 14.50% between 2024 and 2032, reaching a value of around USD 125.3 billion by 2032.

Music streaming services have revolutionised the way consumers access and enjoy music. Instead of traditional music formats like CDs or digital downloads, streaming allows users to listen to music directly from the internet in real time. Major platforms such as Spotify, Apple Music, Amazon Music, and YouTube Music dominate the global market, providing extensive libraries of music and podcasts. These platforms offer both free, ad-supported services and premium subscription models, catering to a wide range of users.

The widespread availability of high-speed internet, coupled with the growing integration of artificial intelligence (AI) for personalised recommendations, has further fuelled the adoption of music streaming platforms. The ability to curate personalised playlists, explore a wide variety of music genres, and discover new artists has enhanced the overall user experience. As digitalisation continues to transform the music sector, the market is expected to witness significant growth in the coming years.

One of the primary drivers of the music streaming market growth is the growing penetration of smartphones and high-speed internet access worldwide. As more consumers use smartphones for everyday activities, including media consumption, music streaming has become a convenient way to access millions of songs on the go. The expansion of affordable 4G and 5G networks has further improved the quality of streaming services, enabling seamless listening experiences without interruptions.

The increased adoption of mobile devices has also opened new opportunities for music streaming in emerging markets, particularly in regions such as Asia-Pacific, Latin America, and Africa. With the rising number of smartphone users, the demand for music streaming platforms is expected to grow significantly, contributing to the overall music streaming market expansion.

Another key factor driving the growth market is the shift toward subscription-based revenue models. While many platforms offer free, ad-supported versions, premium subscription services provide users with enhanced features such as ad-free listening, offline downloads, and high-definition sound quality. This has led to a growing number of consumers opting for paid subscriptions to enjoy uninterrupted music streaming and exclusive content.

The freemium model, where users can try the service for free with limited features before upgrading to a paid subscription, has proven effective in attracting new users and converting them into paying subscribers. As disposable incomes rise and consumers become more willing to pay for digital entertainment, the subscription-based segment of the market is expected to experience substantial growth.

As per the music streaming market analysis, the integration of artificial intelligence (AI) and machine learning (ML) technologies has significantly enhanced the user experience in the music streaming sector. Platforms like Spotify and Apple Music use AI algorithms to analyse users’ listening habits and preferences, offering personalised recommendations and curated playlists tailored to individual tastes. This level of personalisation has improved user engagement and retention, as listeners are more likely to discover new music and artists that match their preferences.

Curated playlists based on mood, activity, and genre have become popular features of streaming platforms, helping users find music for various contexts such as workouts, relaxation, or social gatherings. The rise of AI-driven music discovery and personalisation is expected to continue shaping the music streaming market, making the listening experience more enjoyable and dynamic for users.

In addition to music, the growing popularity of podcasts and other non-music audio content has played a significant role in expanding the market. Many platforms have diversified their offerings by incorporating podcasts, news, audiobooks, and other spoken-word content. This trend has attracted a broader audience, including those seeking on-demand educational and entertainment content, consequently driving up the music streaming market share.

Spotify, in particular, has heavily invested in podcasting, acquiring several podcast production companies and securing exclusive content deals with popular podcasters. The inclusion of podcasts on music streaming platforms has not only increased user engagement but also provided new revenue streams for the sector. As the demand for podcasts and other non-music content continues to grow, it is expected to drive further adoption of music streaming platforms.

Market Segmentation

The global music streaming market can be divided based on service, revenue model, platform, content type, end user, and region.

Market Breakup by Service

• On-Demand Streaming
• Live Streaming

Market Breakup by Revenue Model

• Subscription
• Non-Subscription

Market Breakup by Platform

• App
• Browser

Market Breakup by Content Type

• Audio
• Video

Market Breakup by End User

• Individual
• Commercial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global music streaming market. Some of the major players explored in the report are as follows:

• Amazon.com, Inc.
• Anghami
• Spotify AB
• Google LLC
• TIDAL Music AS
• Deezer
• iHeartMedia, Inc.
• LiveXLive, Corp.
• Apple Inc.
• SoundCloud Global Limited & Co. KG
• Others