In terms of revenue, the global music streaming market was valued at US$26 billion in 2019 and is projected to reach US$46.9 billion by 2027, growing at a compound annual growth rate of 7.4% during the forecast period, according to Research and Markets.
Considering the demand for multiple digital music platforms and rising number of music subscribers, the music streaming market is likely to grow at a significant pace, adds the research group. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to grow and provide growth opportunities to the market players prevailing in the music streaming market.
On the contrary, Research and Markets notes that, due to the availability of pirated channels and free music platforms, the number of subscribers have declined, which can negatively impact the music streaming market. What’s more, many music streaming service providers offer an unpaid trial period to gain traction of individuals. Additionally, to remain competitive in the market, timely updates and advancements are made in the digital music platform by the music streaming service providers to sustain in the market, says Research and Markets.