The size of the global online music streaming market was 16.11 billion dollars in 2021, and it is predicted to grow to 29.66 billion dollars by 2027, with a Compound Annual Growth Rate of 10.71% from 2021 to 2027. According to a recent study by Research and Markets, this is the case.
Several businesses are currently releasing smart gadgets, such as Google Cast and Amazon’s Alexa, to broadcast music online with hands-free control and rapid playback capabilities. The need for online music streaming services is growing globally due to the rising demand for these smart devices brought on by rapid urbanization, rising disposable incomes, and the advent of smart homes.
One of the main drivers of the global expansion of the online music streaming market is the increasing dependence on smartphones, as well as the rising internet penetration rate and the booming media and entertainment sector.
Additionally, the proliferation of on-demand songs and the ease with which music can be accessed across a variety of platforms are fueling market expansion. Aside from that, users may make and share collaborative playlists with friends thanks to the integration of social media platforms and online music streaming programs. Young artists can use the platform they provide to upload, market, and reach a larger audience.
Digital service providers (DSPs) are also releasing apps with a user-friendly UI and a sizable music and podcast library. Additionally, these providers are providing alluring premium plans, including family packs or free subscriptions for a limited time, which is projected to support market growth in the upcoming years.