Reports: Pandora

Browse all of our reports, featuring our analysts' expert insights and analysis of audience segmentation, emerging trends and technologies, value chains, market shares, predictions and more – backed by our proprietary survey data and bespoke models & forecasts. Become a subscriber to get new ones every month, or just pick one to get started.

Cover image for Recorded music market shares 2024

Recorded music market shares 2024
Widening gaps

Mark Mulligan and Tatiana Cirisano

13 Mar 2025

Music revenue Streaming Spotify

After a buoyant 2023, recorded music revenue growth slowed again in 2024, the fourth year of alternating growth rates. It was a year of varied fortunes across both formats and labels, but perhaps most crucially of all, a growing divergence between label streaming growth and DSP growth.

Cover image for Podcasts and music streaming

Podcasts and music streaming
Mirrored growth

Annie Langston

3 Apr 2023

Apple Apple iTunes

The economic recession, and related layoffs at major podcasting divisions, have some questioning the future of the format. However, podcasts are following a similar trajectory as music did in its transition to streaming and have reached critical mass — 26% consumer penetration — faster than music streaming subscriptions did.

Cover image for Music industry earnings Q3 2022

Music industry earnings Q3 2022
Pre-recession growth

Mark Mulligan

20 Dec 2022

Spotify Pandora Slacker

The early 2020s saw an influx of capital into the music business, with the promise of music rights being an asset class that was uncorrelated with the wider economy. The irony is that as music catalogue investments slowed (due to rising costs of capital), the first nine months of 2022 saw the music business deliver a performance that suggests the i...

Cover image for After digital

After digital
The search for a cheaper cultural moment

Hanna Kahlert

28 Oct 2022

Spotify Pandora SoundCloud

Audiences are becoming ever-more creative and this proclivity will come into its own over the coming period of economic, social, and political turbulence. To reconnect with each other while conserving their financial resources, these audiences will increasingly employ their digital-savvy pandemic learnings in the way that they consume entertainment...

Cover image for Podcast market value chain

Podcast market value chain
The next investment is the listeners

Annie Langston

27 Oct 2022

Creators Apple Spotify

Investments from major audience platforms in audio infrastructure, such as hosting platforms and advertising, kickstarted the growth of the podcast market. With the basic infrastructure now in place, it is time for the major platforms to focus on growing the format by expanding listenership and user experience.

Cover image for State of the music creator economy

State of the music creator economy
Post-lockdown growth

Mark Mulligan, Kriss Thakrar and Tatiana Cirisano

30 Sep 2022

Apple Spotify live

The Covid pandemic created a unique catalyst for the music creator economy. More time on hands and more cash in pockets gave novices and veterans alike the opportunity to spend both more time and money making music. Though the pandemic was a peak, it also marked the start of a new era for the music creator economy across every one of its aspects, f...

Cover image for Radio audiences

Radio audiences
A window of opportunity

Mark Mulligan, Keith Jopling, Tatiana Cirisano and Annie Langston

25 Sep 2022

Streaming Music Spotify Radio

Streaming claimed radio’s younger, music-focused audiences while podcasts are now beginning to do the same for older, spoken-word audiences. However, it is not yet determined that the impact needs to be as disruptive for radio companies. With radio audience declines slowing, and even experiencing a modest rebound, a window of opportunity exists f...

Cover image for Music industry earnings 2021

Music industry earnings 2021
Riding the wave

Mark Mulligan

24 Apr 2022

Streaming Music Spotify Pandora

In this report MIDiA presents, contrasts and analyses headline financial metrics of 12 leading music industry companies across labels, publishers, streaming and live. The companies tracked represent more than half of total global music industry revenues across these sectors.

Cover image for Music market subscriber shares 2021

Music market subscriber shares 2021
Growth is not letting up yet

Mark Mulligan

22 Dec 2021

Subscriptions Streaming Music Subscriptions

This report presents key figures from MIDiA’s global music subscriber market shares model. The full dataset is published alongside this report, with quarterly data (from Q4 2015 to Q1 2021) and annual label trade revenue (from FY 2015 to FY 2020) for more than 20 streaming services across 34 different markets.

Cover image for Music Subscriber Market Shares 4.0

Music Subscriber Market Shares 4.0
Subscriptions Decouple from Revenue

Mark Mulligan

18 Sep 2020

Subscriptions Streaming Music Subscriptions

This report presents key figures from MIDiA’s global music subscriber market shares model. The full dataset is published alongside this report with quarterly data from Q4 2015 to Q1 2020 and annual label trade revenue from full year 2015 to full year 2019 for 27 streaming services across 34 different markets.

Cover image for Post-Pandemic Programming

Post-Pandemic Programming
Surviving and Thriving in the Recession

Mark Mulligan, Tim Mulligan, Karol Severin, Alistair Taylor, Keith Jopling and Hanna Kahlert

9 Sep 2020

Apple Apple live

COVID-19 caused dislocation and disruption to the global entertainment business. Now, the recession and the prospect of further pandemic peaks have created an unprecedented outlook for entertainment companies. Many of the shifts that occurred during lockdown will define the new market dynamics.

Cover image for MIDiA Research 2020-2027 Global Music Forecasts

MIDiA Research 2020-2027 Global Music Forecasts
Volume Trumps Value as Emerging Markets Dominate Growth

Mark Mulligan

21 Jul 2020

Music revenue Spotify YouTube

This report presents the key figures, trends and drivers of MIDiA’s music forecast model. The figures presented in this report are retail values and in billions of US dollars unless otherwise stated. An Excel file posted alongside this report provides complete country-level data, including DSP market shares and a detailed methodology statement.

Cover image for COVID-19

COVID-19
Entertainment and Leisure Industry Impact Assessment

Mark Mulligan

20 Mar 2020

Apple Spotify Artists

The spread of COVID-19, and the responses of industry and governments alike, is unprecedented. It is, however, the restrictions on movement of people along with the response of consumers and investors that is causing the biggest disruption and will have the most impact on entertainment businesses.

Cover image for Music Subscriber Market Shares 3.0

Music Subscriber Market Shares 3.0
The Big Three Dominate

Mark Mulligan

17 Dec 2019

Subscriptions Streaming Music Subscriptions

This report presents key figures from MIDiA’s global music subscriber market shares model. The full dataset is published alongside this report with quarterly data from Q4 2015 to Q2 2019 for 23 streaming services across 30 different markets. Companies...

Cover image for 20/20 Vision

20/20 Vision
MIDiA Research Predictions 2020

Alistair Taylor, Amanda Stears, Karol Severin, Keith Jopling, Mark Mulligan, Tim Mulligan and Zach Fuller

10 Dec 2019

Apple Spotify Discovery

In this report MIDiA Research analysts present their predictions for what will be the big trends in digital media and tech across music, video, media, brands, marketing, games and sports in 2020 and the coming decade. Companies and brands mentioned in...

Cover image for Spotify Podcast Strategy

Spotify Podcast Strategy
Strong Start, Long Way to Go

Mark Mulligan

28 Nov 2019

Spotify Spotify Pandora

Spotify has bet big on podcasts, viewing them as a means to multiple strategic ends. After a number of major acquisitions, Spotify is beginning to deliver meaningful audience and revenue numbers. Though it is still early days for Spotify’s podcast strategy, there is clear long-term potential to transform the wider audio landscape.

Cover image for Music Publishing

Music Publishing
A Full-Stack Revolution

Mark Mulligan

9 Oct 2019

Spotify Music publishing Pandora

Tencent’s bid for 10% of Universal Music Group has set a new high-water mark for what risks becoming an overheated music rights mergers and acquisitions (M&A) sector. However, investment appetite remains strong and catalogue supply constrained, so there will be plenty more activity before the inevitable contraction.

Cover image for The Playlist Revolution

The Playlist Revolution
Streaming’s Battleground

Zach Fuller

30 Sep 2019

Streaming Music Apple Spotify

Playlists are swiftly becoming the lingua franca of the music streaming economy. While most closely associated with Spotify, playlists are now central to streaming as an entire sector. While playlists may not yet have become the dominant use case for streaming music in the way that binge watching is for video, they are transforming how audiences co...

Cover image for The Global Music Publishing Market

The Global Music Publishing Market
Streaming Shifts the Conversation

Zach Fuller

22 Aug 2019

Apple Spotify Spotify

The effects of music streaming having supplanted both the download and the CD as the mainstream format for recorded music (accounting for 50% of total recorded revenue in 2018) are being keenly felt across the music publishing industry. The DNA of streaming consumption (playlists, lower mechanical royalties, less revenue on average for superstar ca...

Cover image for State of the Streaming Nation 3.0

State of the Streaming Nation 3.0
Multi-Paced Growth

Mark Mulligan

28 May 2019

Subscriptions Streaming Streaming Music

2018 was yet another strong year for streaming music growth, with the leading streaming services consolidating their market shares. Consumer adoption continues to grow but as leading markets mature, future growth will depend upon mid-tier markets and later on emerging markets.

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