As streaming continues to reshape the music industry landscape, the global music streaming market has experienced unprecedented growth, expanding from $34.5 billion in 2022 to a remarkable $46.7 billion in early 2025. This meteoric rise shows no signs of slowing, with projections indicating the market will reach $52 billion by year’s end and soar to $252.6 billion by 2037, reflecting a compound annual growth rate of 14.1%.
Subscription streaming now dominates the recorded music sector, generating over $20 billion in revenue in 2024 and accounting for 69% of total industry earnings. With an estimated 89% of revenue coming from streaming services, the music industry has been completely transformed by this digital revolution.
Subscription streaming reigns supreme, driving $20+ billion in revenue and representing over two-thirds of music industry profits.
The subscriber base has similarly witnessed explosive growth, surging 26.4% to 523.9 million in Q2 2021, partially driven by pandemic-induced consumption patterns. Weekly global music listening time increased by 51% that year, with listeners consuming an average of 18.4 hours per week. As of early 2025, more than 600 million people subscribe to music streaming platforms worldwide, and this figure is expected to continue climbing dramatically through 2035.
Despite anticipated regular fee increases due to rising licensing costs and enhanced service features, subscriber growth remains robust. Platforms are implementing flexible subscription models, including business-specific packages and family plans, to offset price hikes while leveraging AI-powered personalization to justify premium pricing. The market is showing strong resilience, with businesses increasingly turning to services like SiriusXM that provide fully licensed music for commercial use to avoid copyright infringement penalties. Forward-thinking musicians are supplementing their streaming income through sync deals, licensing their music for movies, TV shows, and video games as a highly profitable revenue channel.
The market’s remarkable resilience is evident in the U.S., where Spotify commands approximately 37% market share with 53.8 million subscribers, followed by Apple Music at 31.5% with 45.9 million subscribers. Independent artists are increasingly finding success through playlist pitching opportunities that help boost visibility and engagement across these major platforms.
Geographic expansion into emerging markets with growing internet penetration, particularly in regions served by platforms like Tencent Music in China, continues to drive subscriber acquisition. This expansion helps offset potential saturation in mature markets.
Industry analysts note that while subscription fees will inevitably rise, the continued enhancement of service offerings, coupled with the convenience of on-demand listening, suggests that consumer demand will remain strong through 2035, fueling both revenue and subscriber growth well into the next decade.
