An interactive chart illustrating Emerging music markets are driving streaming music subscriber growth (millions)

A recent study exploring the global music industry found that revenues from live music events grew by ** percent in 2023, reaching over ** billion U.S dollars that year. The market estimates are showing promising growth to pre-pandemic levels and revenue figures surpassing ** billion dollars by the end of 2030. Concerts amid COVID-19 The outbreak of the coronavirus (COVID-19) pandemic dealt a heavy blow to the live music sector as concert venues closed, tours were halted, and festivals rescheduled. But while some events were canceled or postponed indefinitely, others were merely moved online to let music lovers enjoy performances by their favorite artists in a socially distant manner. In Europe, for example, the share of festivalgoers who watched a live music stream during coronavirus lockdowns stood at ** percent, with a similar share of survey respondents stating they would happily pay to do so. Live stream concerts have become popular alternatives to in-person shows in recent years, and while some artists uploaded pre-recorded concert films to video streaming platforms, others took the virtual stage in gaming apps Fortnite or Roblox. Most successful live music tours The live music sector awoke from a deep slumber in 2021 as social distancing measures were loosened and travel bans lifted in many parts of the world. Two years later, looking at the top-grossing concert tours that year, Taylor Swift was taking over the concert market, with her tour's earnings reaching over *** billion U.S. dollars. Beyonce's tour ranked second that year, however, the grosses trailed behind at the level of *** billion dollars.

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Music On Demand Market Size 2025-2029

The music on demand market size is forecast to increase by USD 72.58 billion, at a CAGR of 17.9% between 2024 and 2029.

The market is experiencing significant growth, driven by the surge in mobile advertisement spending and the increasing adoption of cloud services. These trends are transforming the way consumers access and listen to music, with the proliferation of modified apps offering free music access. The market's dynamic landscape presents both opportunities and challenges for players. On the one hand, the rise in mobile advertisement spending opens up new avenues for monetization through targeted advertising, while the adoption of cloud services enables seamless music streaming and storage solutions. These trends are expected to attract a larger user base, particularly among the younger demographic.
However, the market is not without its challenges. The increasing competition from free music streaming services and piracy concerns pose significant threats to market growth. Additionally, the need to secure licensing agreements and comply with copyright laws adds complexity to the business model. Companies seeking to capitalize on market opportunities must navigate these challenges effectively, focusing on innovation, differentiation, and strategic partnerships.

What will be the Size of the Music On Demand Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the ever-evolving music industry, the on-demand market continues to shape the landscape with its dynamic nature. This sector encompasses various applications, including streaming services, web applications, and mobile applications, all offering users uninterrupted access to a vast library of music. Data security is paramount in this industry, with user accounts and privacy policies ensuring the protection of personal information. Music charts, a reflection of user preferences, are updated in real-time, showcasing the evolving trends. Content moderation and copyright infringement are ongoing concerns, with metadata tagging and lossy audio enabling efficient content delivery while maintaining legal compliance. Subscription revenue models and payment gateways facilitate seamless transactions, while royalty payments ensure fair compensation for artists.

User experience (UX) is a critical differentiator, with recommendation algorithms, playlist creation, and on-demand playback enhancing the listening experience. High-resolution audio and podcast integration cater to diverse user preferences, while server infrastructure and audio decoding ensure optimal performance. Advertising revenue and customer support provide additional revenue streams, with social features and API integrations fostering user engagement. The integration of smart speakers and audio streaming protocols further expands the market's reach. In this continuously unfolding market, data analytics and user segmentation enable targeted marketing efforts, while A/B testing optimizes user experience. The incorporation of cloud computing, lossless audio, and user interface (UI) design enhances the overall functionality and accessibility of on-demand music services.

How is this Music On Demand Industry segmented?

The music on demand industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Music streaming
  Radio on demand


End-user

  Individual users
  Commercial users


Method

  Premium subscription
  Ad-supported free model


Content Type

  Audio
  Video


Platform

  Smartphones
  PCs
  Tablets
  Smart TVs
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The music streaming segment is estimated to witness significant growth during the forecast period.

In the dynamic music industry, two primary types of on-demand streaming services have emerged: paid and free. The paid music streaming segment is projected to expand significantly during the forecast period, driven by the growing preference for an uninterrupted listening experience and access to advanced features. These premium services offer benefits such as no advertisements, personalized song recommendations, a vast music catalog, playlist customization, and third-party integrations, like Amazon Alexa. As a result, an increasing number of consumers are transitioning from free subscriptions to paid ones, which are typically offered on a subscription basis. Ensuring data security and user experience (UX) are top priorities f

According to the International Federation of the Phonographic Industry report, in 2019, the global recorded music market grew by 8.2%, its fifth consecutive year of growth. The growth was predominantly driven by fans’ increasing engagement with music on paid streaming services, with the number of paid streaming accounts rising to 341 million by the end of 2019 and associated revenue increasing by 24.1%.

Music Video Production Market size was valued at USD 11.20 Billion in 2024 and is projected to reach USD 20.39 Billion by 2032, growing at a CAGR of 7.8% from 2026 to 2032. Global Music Video Production Market OverviewIn developing countries, with the spread of internet connectivity, video streaming has increased. The new music video station offers a free, 24-hour live stream of popular music videos and other music content, including exclusive video premieres, curated music video blocks, live shows, fan events, chart countdowns and guest appearances. Online video is growing more popular by the day. Video advertising is promotional content that plays before, during or after streaming content.

In 2024, the total revenue of the recorded music industry amounted to **** billion U.S. dollars. Global streaming revenues reached **** billion U.S. dollars in the same year. Overall, recorded music increased by nearly **** percent, representing a steady growth rate compared to the previous year. Music streaming – the motor of the industry Data on the revenue generated by the different segments of the music industry worldwide show that music streaming is responsible for by far the biggest share in the industry in recent years. The streaming revenue has been growing year by year since the late 2000s and early 2010s and overtook the revenue from physical sales as of 2017. With two thirds of the global music revenue in 2024 coming from streaming, it was undoubtedly the backbone of the industry. Smaller regional markets are catching up While the global music market rose by around five percent in 2024, this growth rate varied significantly when broken down regionally. Whereas growth in the biggest regional music markets, North America, Asia and Europe, remained in single digits, the music markets in Sub-Saharan Africa, Latin America, and the MENA region grew at a fairly high rate respectively.

In the fourth quarter of 2024, ***percent of music streaming subscribers worldwide had a subscription with Spotify, more than ****** the share who were subscribed to the second-ranked Tencent Music. Other services in the list included Apple Music, Amazon, and YouTube. Beyond Spotify – other streaming services Spotify may be the biggest music streaming service in the world, but despite its arguably immense popularity and impressive number of subscribers, it hasn’t achieved global domination just yet. French service Deezer has more than tripled its worldwide subscriber base in the last few years, and although its subscriber numbers don’t come close to Spotify’s, Deezer’s growth goes to show that Spotify hasn’t quite won the hearts of every music streaming fans out there. Another popular streaming service used worldwide is Apple Music, which is in constant competition with Spotify in the United States in particular. Regardless of subscriber numbers though, in the U.S. Spotify is still considered more preferable than Apple Music. Apple is often reluctant to publish their customer numbers, though sources in early 2019 suggested that the service had overtaken Spotify in the U.S. in terms of paid subscribers. That said, Spotify still held the biggest share of overall users, and trends suggest that this will continue.

Overview

Streaming Services Statistics: Streaming services have transformed the entertainment landscape, revolutionizing how people consume content.

The advent of high-speed internet and the proliferation of smart devices have fueled the growth of these platforms, offering a wide array of movies, TV shows, music, and more, at the viewers' convenience.

This introduction provides an overview of key statistics that shed light on the impact, trends, and challenges within the streaming industry.

YouTube was launched in 2005. It was founded by three PayPal employees: Chad Hurley, Steve Chen, and Jawed Karim, who ran the company from an office above a small restaurant in San Mateo. The first...

Data on the distribution of streamed music consumption in the United States showed that rock music accounted for ** percent of all on-demand audio and video streams in 2021. The leading genre by streams was, as is almost always the case, R&B and hip-hop. Most streamed artists The demand for streamed audio content is growing year by year, and in 2021, the number of paid music streaming subscribers in the United States exceeded ** million. So which musicians are topping the digital charts? Based on the most recent data, The Weeknd, Justin Bieber, and Ed Sheeran were the top artists on Spotify based on monthly listeners in 2022. The top-10 ranking was visibly dominated by pop singers and bands that year, although Doja Cat and Eminem were the acts that amassed the largest monthly audience within the R&B and hip-hop genre. Keeping it classical A closer look at the distribution of music consumption in the U.S. by genre and format reveals that fans of jazz, rock, and classical music were among the most likely to listen to artists via physical formats. Between ** and ** percent of surveyed respondents stated that they listened to these genres via physical albums, which was above the industry average. One reason for this sense of audio nostalgia could be that these genres are particularly popular with listeners from older, less tech-savvy generations.

Physical albums accounted for less than ** percent of music consumption in the United States in 2021. While fans of jazz or rock music were most likely to listen to artists via physical formats, the vast majority of listeners across all genres enjoyed their favorite tracks through on-demand streaming services. Stream it, just stream it A closer look at the distribution of streamed music consumption reveals that R&B and hip-hop is the most streamed music genre in the United States. Roughly ** percent of all streams came from this genre in 2021, which can at least partially be explained by its popularity among young and digitally savvy listeners. The overall demand for streamed audio content is growing rapidly each year, and in 2021, the number of paid music streaming subscribers in the U.S. surpassed a record ** million. That same year, nearly one trillion music streams were amassed in the United States alone, signaling a bright future for services like Spotify or Amazon Music. So which artists were audiences listening to? Most popular songs In 2021, "Levitating" by Dua Lipa was the most popular song in the U.S. based on audio streams. The track from her second studio album "Future Nostalgia" was streamed a total of *** million times while also ranking among the top three best-selling digital music singles worldwide. Looking at the artists with the most streams overall that year, Olivia Rodrigo topped the charts with a combined **** billion streams for her songs "drivers license" and "good 4 u".

How many paid subscribers does Spotify have? As of the first quarter of 2025, Spotify had 268 million premium subscribers worldwide, up from 239 million in the corresponding quarter of 2024. Spotify’s subscriber base has increased dramatically in the last few years and has more than doubled since early 2019. Spotify and competitors Spotify is a music streaming service originally founded in 2006 in Sweden. The platform can be used from various devices and allows users to browse through a catalogue of music licensed through multiple record labels, as well as creating and sharing playlists with other users. Additionally, listeners are able to enjoy music for free with advertisements or are also given the option to purchase a subscription to allow for unlimited ad-free music streaming. Spotify’s largest competitors are Pandora, a company that offers a similar service and remains popular in the United States, and Apple Music, which was launched in 2015. While Pandora was once among the highest-grossing music apps in the Apple App Store, recent rankings show that global services like QQ Music, NetEase Cloud Music, and YouTube Music now generate higher monthly revenues.Users are also able to register Spotify accounts using Facebook directly through the website using an app. This enables them to connect with other Facebook friends and explore their music tastes and playlists. Spotify is a popular source for keeping up-to-date with music, and the ability to enjoy Spotify anywhere at any time allows consumers to shape their music consumption around their lifestyles and preferences.

In 2024, music streaming service Spotify generated a revenue of ***** billion euros, reaching company’s first-ever full year of profitability. The majority of Spotify's revenues came from its premium subscribers rather than ad placements. Founded in Stockholm in 2005, the former start-up is now a market leader in the digital music streaming sector, competing alongside established companies such as Apple and their streaming service Apple Music. Spotify’s record operating income in 2024 While Spotify has established itself as a market leader, generating high revenue, it has also seen a significant turnaround in operating income. The company moved from a loss of *** million euros in 2023 to a record operating profit of **** billion euros in 2024. This milestone was driven by growth in revenue, cost optimizations, and a surge in premium subscriptions. The net income of Spotify seems to confirm this, as Spotify recorded a net profit of **** billion euros in 2024, compared to a net loss of *** million euros in 2023 and *** million euros in 2022. The music streaming market is expanding While Spotify has struggled with generating an operating income, the music streaming market is actually expanding. The number of subscribers to music streaming services has steadily been rising, highlighting the increased popularity of digital music consumption. While this development goes hand in hand with a decrease in physical music sales, the more recent upsurge in audio content streaming can partly also be attributed to the heightened demand in entertainment caused by the coronavirus pandemic.

In 2024, Spotify reported its first-ever annual net profit of 1.14 billion euros, after a net loss of 532 million euros in 2023 and 430 million euros in 2022. This turnaround reflects strong revenue growth, cost optimizations, and a surge in premium subscribers. Since its launch, the company has struggled with profitability, experiencing its largest net loss of 581 million euros in 2020. However, with increasing revenues and strategic adjustments, Spotify has solidified its position as a leader in the music streaming industry. Further information Spotify is one of the leading online streaming services worldwide, experiencing rapid growth over the years. With a compound annual growth rate of 61 percent over 14 years, the platform reached 265 million paying subscribers by the end of 2024. The music streaming service also hit an all-time high of 640 million active users globally, marking a 12 percent increase in just one year. Spotify has proved popular across various markets, cementing its position as the dominant player in the digital music industry. Spotify has proved popular in multiple markets across the world, namely the United States, where more than 25 percent of 18 to 34-year-olds reported using the service. Spotify’s appeal does not only lie in its music streaming and online radio capabilities but the platform’s strong social components such as users being able to add and message friends, as well as being able to create and share music playlists as well as recommend tracks to connected users. Spotify also allows users to login with their Facebook accounts and to cross-post their listening habits to the social network In 2015, the company’s revenue surpassed 1 billion euros for the first time but not without a cost – that year, Spotify’s net loss amounted to 162 million euros. A major part of Spotify’s expenses are the royalty fees that the streaming platform has to pay to the music artists and license holders, with payments amounting to over 882 million U.S. dollars in 2014. As the music streaming industry continues to expand, digital streaming revenue in the United States reached 14.36 billion U.S. dollars in 2023, accounting for the majority of the music industry’s total revenue.

Data on vinyl album sales in the United States from 1993 to 2023 shows consistent growth since 2006, and in 2023 a total of **** million vinyl albums were sold, up by over ** percent from the previous year. LP/vinyl sales - additional information Vinyl records, or LPs (short for Long Play), dominated the music recording industry for most of the twentieth century, holding their own against cassette tapes between the 1970s and 1990s, but sales of the compact disc (or CD), introduced in 1983, outpaced LP sales by the end of the 1980s. LPs have been enjoying a comeback in recent years, and the vinyl record is the only format of music available that has recorded positive sales growth from 2009 to 2017. This is impressive, especially because the overall number of albums sold in all formats has been decreasing since at least 2007. This is not because music piracy is replacing music purchasing — in fact, a recent study showed that those individuals who engage in pirating have more legally purchased music in their collections than those who do not use P2P sites to share music.The LP market, while growing, is still a niche market. The number of vinyl records shipped in 2017 is significantly less than the number of CDs, partially due to the market for vinyl consisting mainly of DJs, collectors, and audiophiles. DJs prefer the LP to most other formats due to its versatility and the ability to directly manipulate the record. Many audiophiles and collectors argue that the sound quality of the vinyl record is better than that of digitally recorded music, and new releases of older albums, such as those by the Beatles and Jimi Hendrix, are particularly popular. Modern artists from Mumford & Sons to Justin Timberlake also utilize the LP format. Ed Sheeran's album ''Divide" sold a total of ** thousand units on vinyl in 2017.

In February 2024, YouTube counted approximately 100 million paid subscribers across its Music and Premium services. This represents an increase from the 50 million paying subscribers across the platform's services from September 2021. During the third quarter of 2023, YouTube generated almost eight billion U.S. dollars in advertising revenues.

Instagram’s most popular post

              As of April 2024, the most popular post on Instagram was Lionel Messi and his teammates after winning the 2022 FIFA World Cup with Argentina, posted by the account @leomessi. Messi's post, which racked up over 61 million likes within a day, knocked off the reigning post, which was 'Photo of an Egg'. Originally posted in January 2021, 'Photo of an Egg' surpassed the world’s most popular Instagram post at that time, which was a photo by Kylie Jenner’s daughter totaling 18 million likes.
              After several cryptic posts published by the account, World Record Egg revealed itself to be a part of a mental health campaign aimed at the pressures of social media use.

              Instagram’s most popular accounts

              As of April 2024, the official Instagram account @instagram had the most followers of any account on the platform, with 672 million followers. Portuguese footballer Cristiano Ronaldo (@cristiano) was the most followed individual with 628 million followers, while Selena Gomez (@selenagomez) was the most followed woman on the platform with 429 million. Additionally, Inter Miami CF striker Lionel Messi (@leomessi) had a total of 502 million. Celebrities such as The Rock, Kylie Jenner, and Ariana Grande all had over 380 million followers each.

              Instagram influencers

              In the United States, the leading content category of Instagram influencers was lifestyle, with 15.25 percent of influencers creating lifestyle content in 2021. Music ranked in second place with 10.96 percent, followed by family with 8.24 percent. Having a large audience can be very lucrative: Instagram influencers in the United States, Canada and the United Kingdom with over 90,000 followers made around 1,221 US dollars per post.

              Instagram around the globe

              Instagram’s worldwide popularity continues to grow, and India is the leading country in terms of number of users, with over 362.9 million users as of January 2024. The United States had 169.65 million Instagram users and Brazil had 134.6 million users. The social media platform was also very popular in Indonesia and Turkey, with 100.9 and 57.1, respectively. As of January 2024, Instagram was the fourth most popular social network in the world, behind Facebook, YouTube and WhatsApp.

Revenue generated from Sony’s game and network services amounted to 31.16 billion U.S. dollars in the company’s 2024 fiscal year, making it Sony’s largest business segment. Other major business segments include Music and Pictures services, which brought in 12.29 and 10.05 billion U.S. dollars respectively in the same fiscal year. Overall, Sony’s revenue reached around 86.45 billion U.S. dollars in that year, making it one of the 100 largest companies worldwide. Diverse businesses Headquartered in the Minato District of Tokyo, Sony is a multinational conglomerate corporation with businesses across industries. Different generations of Sony’s PlayStation consoles are among the best-selling game consoles worldwide. For example, PlayStation 2 sold 158.7 million units across its lifetime, making it the most popular video game console ever. Sony is also the leader in the music publishing industry, having a market share of almost 25 percent in 2022.