Music Streaming - India

India

Highlights

In India, revenue in the Music Streaming market market is projected to reach US$577.00m in 2024.
Revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 7.41%, leading to a projected market volume of US$825.00m by 2029.
When compared globally, the highest revenue within the Music Streaming market market will be generated the United States, which is forecasted to reach US$13.19bn in 2024.
In India, the number of users in the Music Streaming market market is expected to amount to 110.2m users by 2029.
User penetration in India will be 6.3% in 2024, with expectations to rise to 7.3% by 2029.
In India, the music streaming market is increasingly characterized by a surge in regional content preferences, reflecting the country's diverse cultural landscape.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Music Streaming market in India is experiencing significant growth and development.

Customer preferences: Indian consumers are increasingly turning to music streaming platforms as their primary source of music. This shift in preference can be attributed to several factors. Firstly, the convenience and accessibility of music streaming services allow users to listen to their favorite songs anytime and anywhere. Additionally, the vast catalog of music available on these platforms caters to a wide range of musical tastes, making it appealing to a diverse audience. Furthermore, the affordability of music streaming subscriptions compared to traditional music purchases is also a driving factor for the growing popularity of these services.

Trends in the market: One of the key trends in the Indian music streaming market is the rise of regional and local content. India is a culturally diverse country with a rich musical heritage, and consumers are increasingly seeking out music in their regional languages. Music streaming platforms are capitalizing on this trend by curating playlists and promoting local artists, which helps to attract and retain users. Additionally, the integration of social features within music streaming apps is gaining traction in India. Users can now share their favorite songs and playlists with friends, creating a sense of community and fostering engagement on these platforms.

Local special circumstances: India has a large and rapidly growing smartphone user base, which has played a crucial role in the growth of the music streaming market. With the availability of affordable smartphones and affordable data plans, more and more Indians are gaining access to the internet. This has led to an increase in the number of potential music streaming users in the country. Furthermore, the presence of established local players in the market, along with international giants, has created a competitive landscape that benefits consumers in terms of pricing and service quality.

Underlying macroeconomic factors: India's growing middle class and rising disposable incomes have contributed to the growth of the music streaming market. As more people have the financial means to afford smartphones and internet connectivity, the demand for digital entertainment services, including music streaming, has increased. Additionally, the increasing penetration of high-speed internet and the government's push for digitalization have also played a role in the growth of the music streaming market in India. In conclusion, the Music Streaming market in India is experiencing significant growth and development due to customer preferences for convenience, accessibility, and affordability. The rise of regional and local content, the integration of social features, and the presence of a large smartphone user base are key trends in the market. India's growing middle class, rising disposable incomes, increasing internet penetration, and government initiatives for digitalization are underlying macroeconomic factors that are driving the growth of the music streaming market in the country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Digital Music market. Digital music is defined as audio content distributed to the end-user over the internet. This includes paid digital downloads of professionally produced single tracks or albums/compilations as well as subscription-based on-demand streaming services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.