47% Growth in Music Streaming Market from North America

The global music streaming market is on the rise, with estimated growth of USD 49.63 Billion from 2024 to 2028. That’s pretty impressive! According to Technavio, the market is expected to grow at a rate of over 19.99% during this period.

North America is playing a big role in this growth, accounting for about 47% of the global market increase. The Music Streaming Market report looks ahead at market growth in terms of revenue, not only globally but also regionally and on a country level, from 2017 to 2027.

Exciting advancements in Artificial Intelligence (AI) and Machine Learning (ML) are transforming the music streaming landscape. AI features like personalized recommendations have become a key benefit of many streaming services, attracting more users. While unauthorized music streaming remains a concern, OTT platforms are teaming up with record labels and rights holders to tackle this issue. Live videos are gaining popularity, thanks to platforms like YouTube Live and Facebook Periscope. And the music industry is shifting towards a more video-centric approach, offering consumers more interactive and engaging experiences.

Major players like Spotify, Apple Music, and Amazon Prime Music are competing fiercely for market dominance. They offer a variety of features, such as personalized playlists and offline listening, to attract and retain subscribers. Free music streaming, where ads support the service, is also expected to see growth. Companies like Spotify and Alphabet provide free services with limited music access, with ads. This segment’s expansion is driven by its popularity and accessibility, contributing to the overall growth of the global music streaming market.

Music streaming services have revolutionized how we enjoy music today, offering on-demand access to a wide range of content. Thanks to smart devices, you can listen to your favorite tunes, podcasts, and even live performances anytime, anywhere. High-quality audio and video streaming, along with features like 5G connectivity, have enhanced the user experience. And don’t forget about AI and ML technologies, which are being used to create personalized playlists and recommend songs based on your listening history.

Overall, the music streaming market is a dynamic and fast-growing industry, fueled by digital innovation and technological advances. With a variety of revenue models available and a focus on user engagement, music streaming services are an essential part of modern entertainment.