With increasing number of service providers in the media & entertainment market, the users are shifting towards the digital and online music streaming platforms. Online music streaming has witnessed widespread adoption across the globe with wide range of platforms to switch to. The number of online music streaming platforms is increasing owing to availability of new content and shifting consumer preference towards online music streaming. The music streaming service providers are focusing on development of exclusive content, audio and video, to attract the potential subscribers and gain competitive advantage in the market. The music streaming market is primarily dominated by global giants such as Spotify, Apple Inc., and Amazon.com Inc. However, regional players are witnessing prominent growth owing to availability of abundant regional content and preference from regional subscribers. For instance, Spotify dominates the global music streaming market with highest number of paid subscribers and revenue generation, however, Gaana.com leads the Indian market. Similarly, regional music streaming platforms across the globe are being preferred over the international music streaming platforms. With increased investment in internet services and infrastructure development across the emerging economies, the global music streaming market is estimated to grow rapidly during the forecast period.

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Rising number of paid subscribers to drive the growth of the global music streaming market

The global music streaming market is segmented based on revenue model, content type, end user, and geography. Based on revenue model, the global music streaming market is segmented into paid subscriptions, ad-supported, digital & customized radio, and others. The paid subscription segment contributed the largest share to the global music streaming market in 2019 and is anticipated to be a dominating segment throughout the forecast period. The music streaming service providers have adopted two step approach to expand paid subscriber base. First step involves registering the potential subscribers to their platform and second involves offering attractive offers to switch to paid subscription. This has resulted in increased number of paid subscribers to music streaming platforms, thereby contributing significantly towards the global music streaming market. The ad-supported segment is expected to witness steady growth during the forecast period.

Individual subscribers to hold dominating share of the global music streaming market

Based on end user, the global music streaming market is segmented into individual and corporate. The individual segment contributed the dominating share to the global music streaming market in 2019 and is anticipated to grow at a prominent rate during the forecast period. The corporate users are expected to increase at a single digit growth rate during the forecast period.

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Based on geography, the global music streaming market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global market in 2019 owing to high number of subscribers and shifting preference towards paid subscription of music streaming platforms. Along with rise in paid subscribers, the ad-supported music streaming subscribers has increased significantly across the United States, thereby contributing towards the growth of North America music streaming market. Asia Pacific contributed is expected to be the fastest growing segment during the forecast period owing to increasing number of regional music streaming players and expanding user base across major countries.

Major players active in the global music streaming market include Amazon.com Inc., Apple Inc., Gamma Gaana Ltd., Google LLC, iHeartMedia, Inc., NetEase, Inc., Pandora Media, Inc., Project Panther Bidco Ltd., Reliance Industries Limited, Spotify AB, Stingray Group Inc., Tencent Music Entertainment Group, TuneIn, Inc., and Yandex.