Digital music streaming: How big is the streaming market, really?
Narrowing down the reach of music today can be tough. When you consider a worldwide audience, you are doing a disservice to artists and musicians. The problem found with wanting a truly “global” reach is that not all of the world is consuming digital, streaming music. Yes, a great deal is, and there’s a large growth percentage shown since the introduction of high speed internet to homes, but not a complete covering. In fact, if you look at the numbers, you’ll find that only a handful of countries make up the top of digital music consumers.
The Reach of Digital Music
At first glance, the numbers may seem to indicate that there’s not a lot of people streaming. That’s not the case. In fact, millions of people are streaming daily, but in regards to their global impact, you’ll have to narrow down the field a bit in terms of market penetration.
For instance, the top countries streaming digital media include the United States, the United Kingdom, Germany, Japan, and China. These are the largest, but by no means are they the only areas. They have the most global revenue, but South American nations like Argentina, and Brazil, alongside Central America, Canada, and Western Europe may grow in the coming years as projects show interest in these areas.
Even though there are several regions that are growing in interest of digital streams, it should be noted that the market volume of the United States revenue is around $4,201 million in 2016 alone.
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Forward Progress
The United States leads the pack in regards to digital music streaming and consumption. As more countries start to learn about the possibilities, and different companies influence streaming methods, the numbers will no doubt rise globally. At present, however, aside from The United States, the top 4 countries are seeing revenues less than $1,000 million in 2016.
Even if that number is low, it’s set to rise around 14% in the coming years, and upwards of 30% in the long term. These numbers may shift slower, depending on several market factors, but it should be considered as part of the bigger data picture.