Media Streaming Market Revenues to Reach USD 173.73 Billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, “Media Streaming Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 119.01 billion in 2023 and growing at a CAGR of 7.86% during the forecast period. 

The enhancement of media quality is propelled by innovations such as blockchain technology and artificial intelligence (AI). AI contributes significantly to various aspects of video creation and uploading, including editing, cinematography, voice-overs, and scriptwriting. Numerous providers of media streaming solutions are utilizing AI to enhance content quality, leading to a surge in popularity for these platforms over traditional media outlets like YouTube and Netflix. 

The media streaming market is experiencing growth propelled by a rising demand for subscription-based services, the expanding availability of region-specific and original content, and the widespread popularity of live sports. These factors are prompting vendors in the market to adjust their strategies, placing a greater emphasis on enhancing customer experience through personalized offerings and cost-effective services daily. 

According to a report titled “India Embraces the Streaming Era,” released today by Magnite, the world’s largest independent omnichannel sell-side advertising platform, findings reveal that advertisements on streaming platforms garner greater attention compared to those on social media. Nearly two-thirds of Indian streamers (64%) exhibit higher receptivity to advertising on streaming platforms, with a significant number indicating their tendency to conduct product searches (48%) and make purchases (33%) after exposure. 

 Report Summary 

• Market Size (2023): USD 119.01 Billion
• Market Size (2028): USD 173.73 Billion
• CAGR (2023 – 2028): 7.86%
• Study Period: (2018-2028)
• Fastest Growing Market: Asia-Pacific
• Fastest Growing Market: North America
• Forecast Units: Value (USD Billion)
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
• Key Market Drivers: Easy Accessibility and Playlist Customization on Various Audio Streaming Platforms, Growing Adoption of Subscription Video on-demand (SVoD) Services and Increasing Popularity of Live Sports Streaming Services

Which are the Top Companies in the Media Streaming Market?     

The media streaming industry exhibits significant fragmentation due to the presence of major players and increasing competition. Market vendors are focused on offering valuable bundles, introducing innovative features, and delivering high-quality, original, and region-specific content to gain a competitive edge and enhance their market standing through customer acquisition. 

In November 2022, a new multi-year distribution arrangement was announced between Paramount and Virgin Media, extending their long-standing collaboration across all of Paramount’s linear channels and streaming platforms in the UK.  

Prominent players in the media streaming market are: 

• Spotify Technology S.A.
• Apple Inc.
• Amazon Prime (Amazon.com Inc.)
• Tencent Holdings Limited
• Deezer SA
• YouTube (Alphabet Inc.)
• AT&T Inc.
• Pandora Media Inc.
• The Walt Disney Company
• Baidu Inc.
• British Broadcasting Corporation

Other Reports that Might be of Your Interest 

• Video-on-Demand Market Report: The Video-on-Demand Market size is estimated at USD 104.42 billion in 2023, and is expected to reach USD 173.27 billion by 2028, growing at a CAGR of 10.66% during the forecast period (2023-2028).
• Music Publishing Market Report: The Music Publishing Market size is expected to grow from USD 6.86 billion in 2023 to USD 9.12 billion by 2028, at a CAGR of 5.87% during the forecast period (2023-2028).

 

Key Highlights from the Media Streaming Market Report 

 

1. Substantial Growth is Anticipated in The Music Streaming Segment 

• Music streaming platforms leverage exclusive content, podcasts, and original material to attract users, converting them into subscribers
• Promotional activities, such as price cuts and bundled offers in emerging markets, contribute to subscriber base expansion
• Spotify’s success, with a 31% YoY revenue growth and a 35% share of paid subscriptions, can be attributed to strategic promotions like free premium subscriptions and subscription model discounts
• The global market witnessed a notable trend in the adoption of 5G connections, enhancing music streaming experiences
• Amazon is capitalizing on 5G by introducing a music HD service in select countries, offering lossless music streams and downloads
• The increasing prevalence of 5G enables businesses to deliver high-fidelity music streams at significantly faster data transmission rates than 4G
• Virtual Reality (VR), Augmented Reality (AR), and hologram concerts are anticipated to gain popularity in live-streaming music videos
• Companies emphasize customer retention through engaging features, as reflected in the creation of 82,000 New Year’s Eve playlists between December and January
• The dynamic playlist creation, with almost 40,000 playlists made on New Year’s Eve itself, illustrates the evolving market landscape and consumer preferences

2. Asia Pacific to Witness Significant Growth  

As per the IFPI Music Report 2022, “Engaging with Music 2022” is a global study on how individuals worldwide enjoy and interact with music. Published by IFPI, the global representative of the recording industry, this survey, comprising responses from over 44,000 participants across 22 countries, marks the most extensive music study ever conducted. Notably, more than 45% of consumers opt for paid membership services, while 46% use audio-streaming subscription services, granting them uninterrupted access to extensive libraries of licensed songs. 

Additionally, the report highlights that 97% of the global population prefers smartphones for music listening, with 62% utilizing social media platforms or apps to enjoy music or watch music videos. These findings underscore the ongoing shift towards digital media consumption globally, further indicating the prospective growth of the media streaming market. 

What are the Latest Developments in the Media Streaming Market?    

• In January 2023: IndiaCast Media Distribution Pvt. Ltd., the multi-platform content asset monetization entity jointly owned by TV18 and Viacom18, partnered with Amagi to launch Desi Play TV, a free ad-supported streaming television (FAST) channel in HD on Sling in the US and Plex across the US, Canada, and Middle East regions. Amagi is a world leader in cloud-based SaaS technology for broadcast and connected TV.
• In January 2023: To handle the increase in local and international demand for the 2022 FIFA World Cup, Beyond Technology, a global player in technology transformation, and Infinera successfully implemented a 3.6 Terabit network for a top Middle Eastern network operator.

Mordor Intelligence Report on the Media Streaming Market segments the market based on product type, application, and geography: 

• By Content Type (Market Size & Forecast based on Value (USD Billion), 2023-2028)

• Music streaming
• Video Streaming

• By Revenue Model (Market Size & Forecast based on Value (USD Billion), 2023-2028)

• Advertising
• Subscription

• By Streaming Platform (Market Size & Forecast based on Value (USD Billion), 2023-2028)

• Smartphone & Tablet
• Laptop and Desktop
• Smart TV
• Gaming Console

• By Geography (Market Size & Forecast based on Value (USD Billion), 2023-2028)

• North America

• United States
• Canada

• Europe

• Germany
• United Kingdom
• France
• Spain
• Rest of Europe

• Asia-Pacific

• China
• Japan

• India
• Australia
• Rest of Asia-Pacific

• Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

• Middle East and Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East and Africa

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the media streaming market industry. Get a glance at the Media Streaming Market Report (2023 – 2028) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

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