Online music market trends

The music industry has grown rapidly in recent years. The rapid development of technology and social networks has created a breakthrough in the streaming segment.

The total revenue of the global music industry reached 29.6 billion USD, of which the online segment accounted for 69% of the revenue. The US remains the most profitable market in the global music industry and about 84% of the revenue of the US music industry comes from streaming. This is followed by markets in Asia, the UK, and Latin America. According to forecasts, the music market size is estimated to reach 33.32 billion USD in 2025 and is expected to reach 50.2 billion USD in 2030, with a compound annual growth rate (CAGR) of 8.54% during the forecast period (2025-2030).

The growth of the music industry is largely influenced by online music streaming services. Music platforms Spotify, Tencent Music Entertainment, Amazon Music, Apple Music, etc. all have increasing numbers of subscribers each year. Specifically, the world's largest online music streaming service Spotify had 195 million paid users in the third quarter of this year, exceeding forecasts and up from 188 million paid customers in the previous quarter. In addition, social networks such as YouTube, Instagram, TikTok, etc. are all online platforms that attract and spread music strongly. Specifically, YouTube is currently considered an online music streaming platform with great influence and breadth globally. "Despacito" by Latin American artist Luis Fonsi (pictured) has reached 7.85 billion views, the most viewed song on YouTube. This success contributes to promoting the development and investment in music in the Latin American region.

In addition, the development of artificial intelligence (AI) is also driving and reshaping the way music is composed, produced and distributed. AI has become an indispensable part of the creative process, allowing musicians to push boundaries, streamline production and explore new creative possibilities. The global AI market for music is expected to reach a value of approximately $38.7 billion by 2033, up from $4.9 billion in 2024. Accordingly, the combination of online platforms Spotify, Apple Music, Instagram... with AI allows artists to reach global audiences and increase engagement through personalized features and content. Music lovers now tend to have immersive experiences at concerts and festivals. With rapid adaptation, North America is now leading the market share in technology application in music industry development, while Asia and Latin America have emerged as fast-growing markets.

A prominent trend in the music industry is that companies in the industry are forming deep strategic alliances with advanced recording and streaming services. Specifically, Sky Wire Broadcast offers a variety of PTZ camera support devices, video switches, wireless video transmitters, etc. to streaming platforms to support users to have diverse music experiences. In addition, online music streaming service providers also offer a variety of service packages. Apple can merge Apple Music and Apple TV with video streaming services, bringing diverse music experiences to users.

BAO LAM (Synthesized from IFPI, Mordorintelligence, Financial Times)

Source: https://baocantho.com.vn/xu-huong-thi-truong-am-nhac-truc-tuyen-a186886.html