Music streaming is a way of delivering music in real-time, without requiring you to download files from the internet. The way the streaming process works is that the audio file is delivered in small packets so the data is buffered on a device and played pretty much straight away. Music streaming providers such as Spotify, Apple Music, Amazon Music, and Pandora, use this method to provide songs that can be enjoyed on different types of devices. Music Streaming services can be used for free with limited access and advertising, and can also offer unlimited access to their content libraries for a monthly subscription fee (without any advertising). Music streaming music services market share accounted for 80% of all recorded music revenues in 2019, growing 20% over the previous year. Music streaming services reached 358 million paid subscribers in 2019, and they are projected to have 450 million paid subscribers at the end of 2020. Spotify is a leader in Music Streaming market share with 271 million users in 2019. Learn more about T4's strategy consulting services here.
The chart shows the Music Streaming Market Size over a forecast period from 2020 to 2024. In 2020, the size of the Music Streaming Industry is estimated at $16B and is projected to grow by 6% in 2021. From 2020 to 2024 the Music Streaming Industry growth is projected to average 6% per year. Spotify market share is 36%, doubling the share of Apple Music which is second. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Music Streaming market growth will likely be Beneficial because Social Distancing policies involve people working and doing other activities while staying at home. Today most activities at home are closely tied to services provided on the internet, including streaming services of all kinds. The more time people stay at home, the more time they spend using music streaming services. The long term impact of COVID-19 on the Music Streaming market growth beyond the COVID-19 pandemic will likely be Beneficial because Music streaming services work everywhere where there is internet access and will keep on working, so the companies have a long term opportunity to gain now and maintain subscribers later, by the generation of new content and offers for customers (like podcasts, music videos, and lyrics). Request help with obtaining the source for this data and additional Music Streaming industry market research and learn more about T4's strategy consulting services here.
The chart shows Music Streaming Market Share in 2019. The Music Streaming Market is Concentrated among a few streaming platforms. The top 3 music streaming service providers concentrate 67% of the music streaming services market share. The leading platform in the Music Streaming Industry was Spotify with 36% market share in 2019. Spotify market share was followed by Apple Music with 18% Music Streaming market share, Amazon Music with 13% Music Streaming market share, Tencent with 10%, Google with 5%, Deezer with 3%, Pandora with 2%, MelON with 2%, and Others with 11% of music streaming market share. Get help with market research for the Music Streaming market, including the source for this Music Streaming Market Share chart and learn more about T4's strategy consulting services here.
Music Streaming growth is driven by the growth in internet penetration, the increasing volume of smart devices sold, and a growing number of users willing to pay for music on demand. Paid subscriptions are driving the growth mainly due to a more robust offering added in recent years like podcasts, music videos, and lyrics, which led to more people willing to pay for a subscription. Music streaming music services market share had 80% of all recorded music revenues in 2019, with paid subscriptions accounting for 93% of all music streaming revenue growth.Learn about T4's Consulting services
Music Streaming is a Mature market composed of a few large competitors and many small competitors. The main 3 music streaming service providers concentrate 67% of the music streaming market share. Spotify market share was 36% of the Music Streaming market in 2019. Spotify market share is the largest in sales and subscribers count. At the end of 2019, Spotify had 271 million users, including 124 million premium subscribers and 153 million ad-supporters listeners (free). Apple Music market share was 18% of the market in 2019. Apple Music has the second largest music streaming services market share in sales and subscribers. In the middle of 2019, Apple Music had 60 million subscribers. Amazon Music market share was 13% of the Music Streaming market in 2019. Amazon Music is growing fast in music streaming services market share, both in sales and subscribers. At the end of 2019, Amazon Music had 55 million subscribers. Tencent market share was 10% of the Music Streaming market in 2019. Tencent has 3 different music streaming services. At the end of September 2019, Tencent had 661 million mobile monthly active users, including 35.4 million paying subscribers.
T4's research team can help you learn more about the Music Streaming industry with market analysis, competitive landscape analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Music Streaming market, including Spotify, Apple Music, Amazon, Tencent, Google, Deezer, Pandora, MelON; research into related topics such as Streaming Services, Video Streaming Services, Connected Devices, Smart Speakers, Smartphones, Tablets, Laptops, Internet of Things, Headphones, Voice Assistants, Smart Home; or additional support in the Music Streaming Sector or other Sectors. Learn more about T4's strategy consulting services here.