According to the latest report by IMARC Group, titled “Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global online music streaming market share.The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global online music streaming market size reached US$ 18.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 23.7 Billion on by 2028, exhibiting a growth rate (CAGR) of 9.28% during 2023-2028.

Online music streaming platforms allow users to listen to music, audio, and podcasts in real time through an internet connection without downloading them. Some popular online music streaming applications include Tidal, Spotify, YouTube Music, Apple Music, Amazon Music Unlimited, Mixcloud, Google Play Music, Wynk Music, SoundCloud, Deezer, Pandora, and Gaana music. They offer on-demand services wherein audio media files are prearranged and transmitted to televisions (TVs), smartphones, computers, and tablets. In addition, they support autoplay and on-demand songs, provide high-quality audio and lyrics, enable users to share podcasts and music, and offer downloads for songs. Owing to these properties, online music streaming is gaining immense popularity among individuals across the globe.

Industry Trends & Drivers

The market is primarily driven by the increasing popularity of online music streaming platforms and the growing expenditure capacities of consumers. Besides this, the incorporation of smart devices, including Google cast and Alexa by Amazon, to stream music online with instant playback and hands-free control features is also contributing to the market growth. In addition, the rising penetration of the internet and significant expansion of the media and entertainment industry are contributing to the market growth.

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Moreover, the integration of 5th generation (5G) mobile networks, machine learning (ML), virtual reality (VR), and artificial intelligence (AI) represent another major growth-inducing factor. Besides this, the coronavirus disease (COVID-19) pandemic has escalated online video and audio music streaming during the lockdown, thus, propelling the market growth. Additionally, the extensive use of online music streaming applications by gyms, cafes, and restaurants pubs is providing a positive thrust to the market growth. Furthermore, strategic partnerships and mergers and acquisitions (M&A) among leading market players to extend their company presence are also creating a favorable market outlook.

Competitive Landscape:

Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Service:

• On-demand Streaming

• Live Streaming

Breakup by Revenue Model:

• Subscription

• Non-subscription

Breakup by Platform:

• App

• Browser

Breakup by Content Type:

• Audio

• Video

Breakup by End User:

• Individual

• Commercial

Regional Insights:

• Asia Pacific

• North America

• Europe

• Middle East and Africa

• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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