The market was estimated to be worth US$ 26.05 billion in 2019 and is anticipated to reach US$ 46.99 billion by 2027, growing at a CAGR of 7.4% from 2019 to 2027. This is according to our most recent market study, "Global Music Streaming Market Forecast to 2027- COVID-19 Impact and Global Analysis by Content Type (Audio Streaming, Video Streaming); Streaming Type (Live Streaming, On-demand Streaming); End User (Commercial , Individual);

The demand for various digital music platforms and the rising number of music subscribers will fuel the market's expansion for music streaming. Additionally, the availability of regional content on digital platforms and the steady rise in on-demand streaming will foster market expansion and open up new business prospects for the top music streaming service providers. The availability of pirated channels and free music streaming services, on the other hand, may cause a fall in subscriber numbers and have a detrimental effect on the music streaming industry. Additionally, to attract customers, several music streaming services include a free trial period. The music streaming service providers also regularly update and improve the digital music platform in order to stay competitive in the industry.

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By becoming more and more popular worldwide, digital music streaming services and websites are transforming the musical landscape. The demand for different types of information, which consumers may access for free, is driving the growth of the digital music market. Consumers are buying digital material as their discretionary income rises. Some of the well-known suppliers of digital music platforms are Spotify, Google, Pandora, SoundCloud, iHeartRadio, and Apple Music. The people use the music streaming services offered by the appropriate service providers for their leisure. Furthermore, the availability of free trials and paid subscriptions is greatly enhancing the use of digital music platforms. The music streaming market is developing quickly in the digital age. The advent of digital download options has led to a decline in CD physical sales. One must pay a monthly subscription price to access content on Spotify, Apple, Tidal, and YouTube Music. The number of websites offering digital music is growing as more people are willing to pay for it.

The Companies in the Music Streaming Industry

Amazon, Inc., Apple Inc., Deezer, Google Inc., iheartmedia, Inc., Joox, Pandora Media, Inc., SoundCloud, Spotify, and Tidal are some of the well-established players present in the global music streaming market.

The report segments the global music streaming market as follows:

By Content Type

• Audio Streaming
• Video Streaming

By Streaming

• Live Streaming
• On-demand Streaming

By End-User

• Commercial
• Individual

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East &Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

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