Global music streaming market set to surpass 1 billion subscriptions by 2027

Buoyed by surging consumer appetites, the global music market is charting a course towards new growth. That’s according to Futuresource Consulting’s latest report, which forecasts music streaming subscriptions will exceed 1 billion by the end of 2027, climbing to 1.2 billion by 2029. Meanwhile, physical media continues to carve out a growing niche in this increasingly digital market.

“Despite economic uncertainties, music streaming has become a must-have service for many consumers,” says James Duvall, Principal Analyst, Futuresource Consulting. “It’s now seen as a commodity rather than a luxury, much like broadband or a mobile subscription. And as streaming providers adapt rapidly and adjust to local needs, customising content and refining pricing strategies to stay ahead, this new flexibility is driving the global push past the billion-subscriber barrier.”

Emerging markets drive growth, developed regions still dominate
Futuresource expects Latin America and Asia Pacific to be the main engines of future growth, with projected CAGRs out to 2029 of 14% and 10% respectively. Yet, despite this momentum, the majority of consumer activity will take place in North America and Western Europe, which together accounted for 66% of music spending in 2024, dipping only slightly to 62% by 2029.

Spotify still in control, YouTube Music expanding reach
Spotify continues to dominate the global streaming landscape, and amassed 263 million paying subscribers by the end of 2024, a figure that swells to 688 million when free streaming users are also included. Meanwhile, YouTube Music has leapfrogged Amazon Music Unlimited to become the third largest streaming service worldwide, behind Apple Music, with a 26% subscriber growth rate in 2024 alone.

Vinyl’s retro revolution is in full force
Physical music formats aren’t entirely out of the picture. Vinyl remains a bright spot, with 8% growth in consumer spend in 2024, compared to the broader packaged media market’s 3% rise. Futuresource notes that while growth is stabilising in many smaller markets, a dedicated fan base continues to drive demand for vinyl’s tangible, high-fidelity experience.

However, US tariffs on imported materials, such as Japanese-sourced lacquers, could push up vinyl prices in the second half of 2025 and into 2026. Despite this, Futuresource expects passionate fans to keep expanding their vinyl collections, maintaining demand momentum.

Sound profits and solid future growth
Overall, global consumer spend on recorded music reached $43.4 billion in 2024 and is projected to hit $59.4 billion by 2029. North America alone accounted for 35% of global streaming spend in 2024, with 56% of vinyl consumer spend concentrated in the region.

“Music remains a universal passion,” says Duvall, “and streaming’s trajectory towards a billion subscriptions is a clear indicator of that. For providers, it’s no longer just about scale; it’s about delivering local experiences, premium tiers and the right balance of global and niche content to keep listeners engaged and spending. Our latest report unpacks these dynamics in detail, with vital insights for any stakeholder operating across this fast-moving ecosystem.”

About Futuresource Consulting
Futuresource Consulting, established in the 1980s, is a leading research and consulting firm specialising in global market analysis, forecasts and strategic insights. With a deep understanding of emerging trends and technologies across consumer electronics, broadcast, entertainment and professional AV sectors, Futuresource helps businesses navigate complex markets and make informed decisions.

To learn more about Futuresource Consulting’s Global Music Industry Market Outlook report or to make a purchase, please contact imad.sarwar@futuresource-hq.com or visit here.

Press Contact: Nicola Finn, Marketing Manager, Futuresource Consulting, nicola.finn@futuresource-hq.com