Music Streaming - United Kingdom

United Kingdom

Highlights

In the United Kingdom, revenue in the Music Streaming market market is projected to reach US$2.33bn in 2024.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.48%, leading to a projected market volume of US$2.90bn by 2029.
In a global context, the largest share of revenue will be generated the United States, with an estimated US$13.19bn in 2024.
Within the United Kingdom's Music Streaming market market, the number of users is expected to reach 30.7m users by 2029.
User penetration is forecasted to be 38.8% in 2024, with an increase to 44.5% anticipated by 2029.
In the United Kingdom, the music streaming market is increasingly dominated by personalized playlists, reflecting a growing consumer preference for tailored listening experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Music Streaming market in United Kingdom has experienced significant growth in recent years, driven by changing customer preferences and advancements in technology.

Customer preferences: Customers in the United Kingdom are increasingly turning to music streaming services for their entertainment needs. The convenience and accessibility of streaming platforms have made them a popular choice among consumers. With the rise of smartphones and high-speed internet, people can now access their favorite music anytime, anywhere. This has led to a shift away from traditional methods of consuming music, such as purchasing CDs or downloading individual songs.

Trends in the market: One of the key trends in the Music Streaming market in United Kingdom is the increasing popularity of subscription-based services. Customers are willing to pay a monthly fee in exchange for unlimited access to a vast library of music. This model not only provides a steady stream of revenue for streaming platforms but also offers a more personalized and tailored music experience for users. Additionally, the emergence of curated playlists and algorithm-based recommendations has further enhanced the user experience, allowing customers to discover new music based on their preferences. Another trend in the market is the growing demand for high-quality audio. With advancements in technology, streaming platforms are now able to offer lossless audio formats, providing a more immersive and superior sound experience. This has led to the rise of premium subscription tiers that cater to audiophiles and music enthusiasts who value high-fidelity sound.

Local special circumstances: The United Kingdom has a rich and diverse music culture, with a strong tradition of producing world-renowned artists and bands. This has created a vibrant and thriving music industry, which in turn has fueled the growth of the Music Streaming market. Streaming platforms have become a platform for both established and emerging artists to reach a wider audience and gain exposure. The United Kingdom's music streaming market is also influenced by local genres such as rock, pop, and electronic music, which have a large following in the country.

Underlying macroeconomic factors: The growth of the Music Streaming market in United Kingdom is also influenced by underlying macroeconomic factors. The country has a strong economy and a high level of disposable income, which allows consumers to spend on entertainment and leisure activities. Additionally, the widespread adoption of smartphones and the availability of high-speed internet have created a favorable environment for the growth of music streaming services. In conclusion, the Music Streaming market in United Kingdom is experiencing significant growth due to changing customer preferences, advancements in technology, and the influence of local music culture. The increasing popularity of subscription-based services and the demand for high-quality audio are key trends driving the market. The United Kingdom's strong economy and high level of disposable income also contribute to the growth of the market.

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.