Europe Music Streaming Market to Grow at a CAGR of 5.5% to reach US$ 9,812.3 Million from 2020 to 2027

The music streaming market in Europe was valued at US$ 6,260.2 Mn in 2019 and is projected to reach US$9,812.3 Mn by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

Europe includes various well-established economies such as France, Germany, Russia, the UK, and Italy. The trend of low-cost video &music-on-demand subscriptions is assisting in boosting the Europe Music Streaming Market growth. Soundtrack Your Brand, Auraclesound, Kasimu, and Soundreef are some of the music streaming companies offering platforms for businesses and stores. Spotify’s biggest territory is Europe and the company is looking ahead to add more users from the region. The company had nearly 232 million both active and subscription users in its portfolio by quarter II in 2019 out of which 83.5million were located in Europe. Moreover, the citizens of Europe spend nearly 5% on subscriptions. The consumer spends average 130 euros on monthly basis for subscribing music, video, sports or food. Annually, 350 billion euros are spent within the region on these types of purchases.

• There are over 230 digital music services available throughout the region.
• Music videos are heavily watched on You Tube. From 9 of top 10 most watched videos, music videos holds a largest share.
• The region recorded music revenues of $6.02 billion in 2018. The streaming revenue raised to $2.67 billion.
• The paid subscription for audio streaming services represents 78.9% of total streaming revenues.

Along with the introduction of digital and cloud system, the scope of music streaming platforms and on-demand streaming has flourished with user inflow. Continuous technological developments are taking place across the world with an aim to cater music subscribers in a better manner. The subscription model is creating a significant impact on the development of Europe music streaming market. The music streaming service providers are offering region-specific original music to gain attention of customers and to multiply the number of subscriptions. With booming penetration of music streaming in various countries of the EU, the need to have regional content is flourishing. As the music streaming services are accessible on various platforms for cross-device access, the scope of on-demand streaming is anticipated to benefit Amazon, Gaana.com, and Spotify. The increasing adoption of on-demand streaming will encourage the music streaming service providers to offer an option of regional content.

Europe Music Streaming Market Segmentation

Europe Music Streaming Market, by Content-Type

• Audio Streaming
• Video Streaming

Europe Music Streaming Market, by Streaming Type

• Live Streaming
• On-Demand Streaming

Europe Music Streaming Market, by end-user

• Commercial
• Individual

Europe Music Streaming Market, by Country

• Germany
• UK
• France
• Italy
• Russia
• Rest of Europe

Europe Music Streaming Market-Companies Mentioned

• Amazon.com, Inc
• Google LLC
• Deezer
• Apple, Inc
• SoundCloud
• Spotify Technology S.A.

Europe Music Streaming Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.