Report : Europe Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Content Type (Audio Streaming, Video Streaming), Streaming Type (Live Streaming, On-demand Streaming), End User (Commercial, Individual), and Country
Audio Streaming Segment to Dominate Europe Music Streaming Market during 2020–2027
According to a new market research study on “Europe Music Streaming Market Forecast to 2027– Covid-19 Impact and Analysis – by Content Type, Streaming Type, End User, and Country,” the market is expected to reach US$ 9.8 billion by 2027 from US$ 6.2 billion in 2019. The market is estimated to grow at a CAGR of 5.5% from 2020 to 2027. The report provides trends prevailing in the Europe music streaming market along with the drivers and restraints pertaining to the market growth.
As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular in Europe. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscriptions is playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, and You tube Music, a subscription fees are required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.
Germany is the largest market witnessed gains in digital revenue another countries such as Spain along with few smaller European markets including Denmark, Czech Republic, Hungary, Iceland, Ireland, and Slovakia has marked growth in digital revenue earnings. Below are some of the facts mentioned in respect to music arena in Europe-
- The paid subscription for audio streaming services represents 78.9% of total streaming revenues.
- The revenues generated from video stream have been increased by 20%.
- The category of digital music revenues accounts for 58.9% of the total industry revenues in comparison to physical sales of 25% for physical sales in 2018.
The digital revenue of music industry including streaming has been boomed by 20.4% in 2018 i.e., to $11.2billion
Europe Music Streaming Market, By Country, 2019 (%)
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 EndUser
Europe Music Streaming Market, by Country
- Rest of Europe