Music Streaming will grow at highest pace owing to
increasing adoption of on-demand streaming services

The
Music Streaming market is a growing industry which involves streaming audio
content over the internet, allowing users to access on-demand songs, albums,
playlists and radio stations. With music streaming services, users can listen
to music instantly without the hassle of downloading and storing files on their
devices. Some key advantages of music streaming include vast catalog of songs
to choose from, personalized recommendations, availability on various devices
and no advertisements. The growing adoption of smartphones and rising internet
penetration have fueled the demand for digital music services among consumers.
The availability of affordable data plans is encouraging more customers to use
music streaming services on a regular basis.



Global Music Streaming Market is
estimated to be valued at USD 40.12 Bn in 2024 and is expected to reach USD
121.43 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.1%
from 2024 to 2031.

Key Takeaways



Key players operating in the Music Streaming are Spotify AB, Apple, Inc.,
Amazon.com, Inc., Google LLC, Deezer SA, Pandora Media, Inc. Key players are
focusing on securing exclusive content deals with major record labels to expand
their music libraries.



The growing popularity of on-demand streaming among young demographic coupled
with affordable data plans is driving the demand for music streaming services.
As a result, streaming revenues now account for over 80% of the total digital
music revenues.



Technological developments like artificial intelligence and machine learning
are helping Music
Streaming Market Demand platforms to generate personalized music
recommendations for users based on their preferences. This is helping improve
user engagement on these platforms.



Market Trends



Rise of Freemium Model: To attract more users, most music streaming apps are
adopting a freemium model where basic features are offered free of cost and
additional/premium features require subscription. This is increasing their
popularity.



Podcasting Gain Momentum: Major streaming services are investing heavily in
podcasting to complement their music libraries. Exclusive podcast deals are
helping drive more traffic to their platforms.

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Streaming Market