The music market to grow by USD 70.02 billion from 2023 to 2028; Alphabet Inc., Inc., Apple Inc., and more among key companies- Technavio

NEW YORK, Nov. 17, 2023 /PRNewswire/ — The music market size is expected to grow by USD 70.02 billion from 2023 to 2028. In addition, the growth momentum of the market will be progressing at a CAGR of  12.57% during the forecast period, according to Technavio. The increasing adoption of digital music is notably driving the music market. However, factors such as Illegal downloads and piracy may impede market growth. The market is segmented by end-user (individual and commercial), source (recording, live, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the music market including Alphabet Inc., Inc., Apple Inc., Aspiro AB, Bertelsmann SE and Co. KGaA, Curb Records Inc., Deezer SA, Kobalt Music Group Ltd., NORTHERN MUSIC Co. Ltd., Pioneer Music Co., Sirius XM Holdings Inc., Sony Group Corp., Spotify Technology SA, Tencent Music Entertainment Group, THEME MUSIC Co. Pvt. Ltd., Universal Music Group NV, Vivendi SE, Warner Music Group Corp, Yamaha Corp., and Zee Entertainment Enterprises Ltd..

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Music Market 2024-2028: Company Analysis

  • Alphabet Inc: The company offers music services such as YouTube music with and without ads.

This report provides a full list of key companies, their strategies, and the latest developments. Buy Now for detailed company information

Music Market 2024-2028: Segmentation

The individual segment is estimated to witness significant growth during the forecast period. This segment is driven by factors that are driving down the cost of internet services and giving people access to music services on mobile devices, like developments in network infrastructure. In addition, due to the increased use of 4G and 5G services, there has been a marginal increase in mobile data traffic.

North America is estimated to contribute 43% to the growth of the global market during the forecast period. The US, with its high population spending capacity, is one of the key markets in North America which are driving market growth across the region. In addition, collaboration between artists and obtaining exclusive rights to their songs or acquisitions of small companies in the music industry are creating opportunities for regional players.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View PDF Sample Report

Music Market 2024-2028: Key Highlights

  • Historic Market Size 2018-2022
  • CAGR of the market during 2024-2028
  • Detailed information on factors that will assist music market growth during the next five years
  • Estimation of the music market  size and its contribution to the parent market
  • Forecasts on upcoming trends and changes in consumer behavior
  • The growth of the music market
  • Analysis of the competitive landscape and detailed information on companies
  • Comprehensive details of factors that will impede the growth of music market companies

Related Reports:

The music production software market size is estimated to grow at a CAGR of 7.47% between 2022 and 2027. The market size is forecast to increase by USD 333.24 million. 

The live music market size is estimated to grow at a CAGR of 4.39% between 2022 and 2027. The market size is forecast to increase by USD 6.2 billion.

Music Market Scope

Report Coverage


Base year


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 12.57%

Market Growth 2024-2028

USD 70.02 billion

Market structure


YoY growth 2022-2023 (%)


Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 43%

Key countries

US, China, UK, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks


Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Source

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis


About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]

SOURCE Technavio

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