Albany, NY -- (SBWIRE) -- 03/22/2021 -- Transparency Market Research delivers key insights on the global music streaming market. In terms of revenue, the global music streaming market is estimated to expand at a CAGR of ~15% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global music streaming market.

Music streaming is defined as an online service that allows customers to stream & listen to songs/music by using a device linked with the Internet. Service providers usually acquire or purchase digital rights from various music recording companies. Subsequently, customers can easily access music/songs listed on the respective application and website on the basis of subscription type.

Music streaming has witnessed a surge in the past three years with increasing adoption of digital music and rising digitalization of the music sector. As a result, rise in the number of music streaming service providers, along with numerous subscription schemes (premium, family plan, and single user plan, among others), is positively influencing the growth of the music streaming market. As a result, the market is anticipated to witness a healthy growth rate during the forecast period.

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Music Streaming Market: Dynamics

Increase in Penetration of Smartphones Coupled with Growing Usage of Mobile Internet Data to Drive Global Market

Increase in penetration of smartphones and growth in usage of mobile Internet data across the globe are the major factors fueling the demand for music streaming services. Additionally, the rising penetration of smartphones in developing economies such as India, Argentina, Brazil, and China is expected to drive the music streaming market. For instance, Asia Pacific recorded the highest penetration of smartphones, accounting for the largest number of smartphone users across the world. This, in turn, is estimated to propel the music streaming market. Rise in adoption rate of digital music and accessibility to resources delivering advanced streaming experiences on smartphones to consumers are significantly driving the adoption of music streaming platforms on smartphones worldwide.

According to the Global System for Mobile Communications (GSMA) 2018 report, smartphone penetration is projected to increase from 57% in 2017 to 77% by 2025. Moreover, over 2.5 billion individuals in developing nations were accessing the Internet over their mobile devices in 2015. Thus, usage of mobile Internet is projected to rise by 37% by the end of 2020 from 23% in 2015.

As per TMR analysis, two thirds of the global population subscribes to mobile services and 70% of the population is expected to subscribe to mobile services by 2025. This, in turn, is expected to fuel music streaming across the world. At present, around 50% of the population uses mobile Internet, and 60% of the population is projected to start using mobile Internet by 2025. This also is projected to propel the demand for music streaming across the world. Furthermore, currently, 65% of the global population is adopting smartphones, and it is expected that 80% of the population will adopt smartphones by 2025. This is likely to expand the music streaming market globally.

Music Streaming Market: Prominent Regions

North America held major share of the music streaming market in 2020 and is expected to maintain its dominance during the forecast period. As per The Recording Industry Association of America (RIAA), during the COVID-19 pandemic, the average weekly time spent and user base of music streaming apps increased significantly in the U.S. In 2020, 15 million new users in the U.S. subscribed to music streaming services, which is anticipated to fuel the music streaming market during the forecast period.

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However, the music streaming market in Asia Pacific is estimated to expand at a robust pace during the forecast period. The market in Asia Pacific is predominantly driven by robust expansion of the IT and telecom industry, and availability of high speed Internet, experiencing advanced and dynamic adoption of digital platforms and technologies across the region. Rise in adoption of smartphones, along with availability or feature of free downloading of music streaming apps is expected to fuel demand for music streaming during the forecast period. Some countries such as the U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities for providers of music streaming in the near future.