The music streaming market size is estimated to reach $76.9 billion by 2027, according to a new report by Grand View Research, Inc. The growing adoption of digital music services is one of the key factors driving the market.
A growing preference for on-demand music services on platforms such as Spotify, Apple Music, Tidal, SoundCloud, and Bandcamp is likely to drive the industry over the forecast period, according to the report, which also noted the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. Spotify witnessed an upsurge in its monthly active users by 29% year-on-year to 299 million users in the second quarter of 2020.
The increasing integration of technologies such as Artificial Intelligence, Machine Learning, and Extended Reality is expected to support the growth of the market over the forecast period. Machine Learning-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. The app segment dominated the market and accounted for the largest revenue share in 2019, and is expected to continue its dominance over the forecast period. The commercial end-use segment is anticipated to capture nearly 40% of the revenue share by 2027.
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