The global online music streaming market size reached $ 16.11 Billion in 2021 with the market set to reach $ 29.66 Billion by 2027, exhibiting a Compound Annual Growth Rate of 10.71% during 2021-2027. This is according to a recent report by Research and Markets.
Presently, several companies are introducing smart devices, such as Amazon’s Alexa and Google Cast, to stream music online with hands-free control and instant playback features. With the escalating demand for these smart devices, on account of rapid urbanization, inflating disposable incomes and the emergence of smart homes, the demand for online music streaming applications is escalating worldwide.
Growing dependency on smartphones, increasing penetration of the internet and the thriving media and entertainment industry are among the key factors stimulating the growth of the online music streaming market worldwide.
Moreover, easy access to music on multiple devices, along with the rising trend of on-demand songs, are driving the market growth. Apart from this, the integration of online music streaming applications with social media platforms allows users to create and share collaborative playlists with acquaintances. They also offer young artists a platform to upload and promote their tracks and reach a wider audience.
Furthermore, digital service providers (DSPs) are launching applications with a user-friendly interface and a huge library of music and podcasts. These providers are also offering attractive premium plans, such as family packs or free subscription for a few months, which, in turn, is anticipated to bolster the market growth in the coming years.