Streaming platforms like Spotify, YouTube, and Apple Music have entirely changed the music industry landscape over the past decade, becoming its driving force and the largest revenue stream. However, the entire music streaming market is set to reach a massive new milestone this year. According to data presented by OnlyAccounts.io, music streaming platforms are expected to hit one billion subscribers in 2024.
The Number of Subscribers Doubled in Five Years
Streaming subscriptions have grown relentlessly over the past decade, and there are several reasons for that. Platforms like Spotify, YouTube, and Apple Music enjoy massive popularity among Gen Zers and Millenials, who prefer the subscription economy. Also, the pandemic has had an enormous role in the global shift towards music streaming, helping these services to become the largest revenue stream in the music industry.
The Statista data show just how big that growth was. Starting at less than 10 million in 2010, the number of people paying for music subscriptions snowballed to half a billion in 2018. Two years later, at the peak of the pandemic, roughly 700 million people worldwide used streaming platforms to listen to music. After floating around 800 million in 2021 and 2022, the number of users in the market jumped to 900 million last year. Statista expects another 100 million people to flock to streaming platforms in 2024, pushing the total number of subscribers to over one billion for the first time. With user growth slowing down in the following years, this figure will rise to 1.1 billion by 2027.
The Statista survey also showed that nearly one-third of all subscribers in 2024, or 311 million, will come from China, the world`s largest music streaming market. Americans will make up less than 15% of the total user count, with 144 million music streaming subscribers in 2024.
Music Streaming Industry to Gross Nearly $30 Billion in 2024, 15% more than Last Year
With one billion people paying for their services this year, streaming platforms will gross more revenue than ever. Last year, the entire market generated $25.8 billion in revenue, according to Statista. This figure is expected to increase by 15% year-over-year and hit almost $30 billion in 2024.
The surging number of subscribers has also helped streaming platforms to increase their revenue share tenfold in the past decade. In 2024, the global digital music industry is expected to gross over $41bn in revenue, and 72% of that value will come from streaming services.
