Data forecasted by Statista and presented by BestSportsBettingCanada.ca has found that revenue for the music streaming industry will increase by 22% in 2027, with a value of $31.4 billion compared to $25.71 billion in 2023.
Revenue for music streaming industry to reach $31bn by 2027
This will rise to $27.57 billion in 2024, $29.08 billion in 2025 and $30.35 billion in 2026.
A Spotify premium subscription costs $9.99 per month compared to Apple Music which charges a slightly higher fee of $10.99 monthly.
Music streaming set for 1.12 billion users in 2027
In the music streaming market, the number of users is expected to increase by 200 million to reach 1.12 billion users by 2027. This is a percentage increase of 22% from 2023, with users hovering around 920 million.Commentary
A spokesperson for BestSportsBettingCanda.ca commented on the forecast, saying; “Technological progress has deeply influenced the digital music market and the disruptive impact of music streaming services like Apple Music and Spotify has not only won the battle against illegal distribution, but broke down all frontiers – making music easier to access than ever before.
“However, in order to gain an edge on their competitors, many music streaming services are now starting to reverse this trend by releasing in exclusivity. For example, pre-releasing new music or offering unique content such as concerts or podcasts.
“Spotify owns a number of exclusive podcasts like The Joe Rogan Experience, with the deal said to be worth over $200 million to hold the rights.”
