A new report by StockApps has projected that music streaming platforms including Spotify, Apple Music among others will generate up to $26.61 billion in 2022.

This is happening at a time when music fans all over the world are turning to music streaming services for latest songs and album releases.

StockApps attributed the surge in its report released on Thursday, to the fact that streaming services were now the most popular way to listen to music.

The revenue growth forecast is a 13.83 per cent rise above the $23.29 billion revenue generated in 2021.

” …the music streaming industry is expected to earn $26.61 billion this year. In 2021, the annual revenue stood at $23.29. Thus, the yearly revenue is set to grow by 13.83% year-on-year,” the report partly read.

StockApp further revealed that the revenue generated by the streaming industry will further increase to  $36.34 billion in 2026.

The report said that the penetration rate of music streaming is estimated to be only 9.4 per cent in 2022 and is expected to grow to 12.2 per cent in 2026.

About $10.59 billion was made by the music streaming sector in 2017.

The forecasted revenue for 2026 will be a 243 per cent increase from the $10.59 billion generated in 2017.

The report further projects that the music streaming market would more than triple in size during the next ten years.