Music Streaming Market Size, Share, Growth, and Forecast Analysis 2028

Overview of the Global Music Streaming Industry:

The Global Music Streaming market is projected to experience substantial growth between 2023 and 2028, driven by digital transformation, innovation in service delivery, and expanding global demand. With a forecasted 12.32% CAGR during the forecast period, i.e., 2023-28.

This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook — helping businesses, investors, and stakeholders make informed decisions.

Market Size & Forecast (2023–2028)

Base Year: 2022
Forecast Period: 2023-28
Market Size (2022): USD 22.7 billion
Estimated CAGR (2023-28): 12.32%

Key Market Driver (What’s Driving Music Streaming Sector Growth?)

Rising Popularity for Music Streaming Services to Push the Market Growth – With the emerging preference for music among the global population the demand for music streaming services is witnessing an upward trend. Since the past years, the percentage of individuals consuming or adopting paid subscription services to stream music & numerous audio content has grown tremendously, further expanding the Global Music Streaming Market. Also, with the introduction of wireless technologies deployed with 4G or 5G internet connections is improving the growth rate of the market. Moreover, the increase in the young population, who are the frequent consumer of music streaming services, and majorly prefer those sites that also offer free music options along with paid subscriptions as their channel has free access is further driving the market progression.

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Global Music Streaming Market Recent Developments

November 2022: Apple Inc. announced the launch of its new Replay feature. In this latest upgrade the users would be able to learn their top songs, artists, albums, genres, and many more.
2022: Deezer introduced an app called “Zen by Deezer – Meditation”. This app offers a wide range of music & other content related to meditation, sleep, yoga, etc.

Top Companies in the Music Streaming Market

Here’s a snapshot of key players leading innovation and market share:

Amazon Inc.
Apple Inc.
Deezer
Google LLC
iHeartMedia, Inc.
Pandora Media, Inc.
SoundCloud Limited
Spotify AB
Tencent Music Entertainment Group
Tidal (Aspiro AB)
Guvera
Microsoft
Slacker
Times Internet
Yandex
Others

The market is highly fragmented, with a mix of global and regional players competing for market share. To Learn More About the Global Trends Impacting the Future of Top 10 Companies in Premium Music Streaming Market

Factor Hinder Music Streaming Industry Growth

Lack of Ownership & the Availability of the Music Only When Connected to Internet is Impeding the Growth – The growth of the Global Music Streaming Market during the forecast period is expected to be hindered by the absence of music ownership & the limitation on offline music access. Subscription-based licensing models dominate the market, granting consumers extensive song libraries. However, the inability to possess the music they stream & the restriction on downloading music discourages potential subscribers. Furthermore, the dependency on internet connectivity for streaming music may also contribute to deterring customers from adopting music streaming services, thus impeding market development.

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Music Streaming Market Segmentation Analysis

-By Services

On-demand Streaming
Live Streaming

On-demand music streaming service captured the potential market share during the historical period & is anticipated to follow the same trend in the upcoming years as well.

-By Content Type

Audio
Video

Audio content type is envisioned to capture the largest chunk of the revenue share of the Global Music Streaming Market in the forecast years, due to the multitasking convenience that it offers to the listeners.

-By Platform

Apps- Market Size & Forecast 2018-2028, USD Million
Browsers- Market Size & Forecast 2018-2028, USD Million

-By End Users

Individual- Market Size & Forecast 2018-2028, USD Million
Commercial- Market Size & Forecast 2018-2028, USD Million

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Geographical Analysis

-By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

North America is presumed to account for the lion’s share of the Global Music Streaming Market in the coming years, owing to the tremendous rise in the adoption of digital music among the population of the regional countries, especially the US.

Methodology Behind the Report

This research combines qualitative and quantitative methods, including:

Expert interviews
Proprietary forecasting models
Financial and trade databases
Government and institutional data

Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.

Frequently Asked Questions About the Music Streaming Market

What is the growth rate of the Music Streaming market from 2023–2028?
Which segment are expected to dominate market?
Who are the top companies and what strategies being they using?
What are the key risks and challenges in this industry?
How can businesses prepare for future trends?

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