Overview and Scope
Cloud music services refer to platforms that allow users to store, access, and stream music from remote servers over the internet. These services typically offer features such as playlist creation, personalized recommendations, offline listening, and social sharing capabilities where users upload music libraries to the cloud or access vast libraries of songs offered by the service, enabling convenient on-demand listening across various devices without the need for local storage.
Sizing and Forecast
The cloud music services market size has grown rapidly in recent years. It will grow from $16.37 billion in 2023 to $18.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to internet penetration, smartphone proliferation, digitalization of music, expansion of streaming platforms, advancements in connectivity, and integration with smart devices.
The cloud music services market size is expected to see rapid growth in the next few years. It will grow to $30.19 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to AI and personalization, global expansion, integration with VR and AR, enhanced audio quality, monetization models, user-generated content, and social integration. Major trends in the forecast period include the rise of live performances, collaborative playlist curation, music discovery algorithms, personalized concert experiences, and integration with fitness and wellness platforms.
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Segmentation & Regional Insights
The cloud music services market covered in this report is segmented –
1) By Type: Subscription, Mobile, Download, Other Types
2) By Locations: Entertainment, Commercial, Other Locations
3) By End Use: Individual Use, Commercial Use
North America was the largest region in the cloud music services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud music services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for smartphones is expected to propel the growth of the cloud music services market going forward. Smartphones are handheld mobile devices integrating various features such as communication, internet access, multimedia capabilities, and computing functions. The increasing demand for smartphones is due to their versatility, convenience, and constantly evolving features, meeting diverse communication, entertainment, and productivity needs. Smartphones utilize cloud music services to stream and store music files remotely, enabling users to access vast libraries of songs, create playlists, and enjoy seamless playback experiences across multiple devices. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, a 3.8% increase from 2021. Further, it is anticipated that by 2025, 95% of the UK’s 68.3 million residents will be using smartphones. Therefore, rising demand for smartphones is driving the growth of the cloud music services market.
Key Industry Players
Major companies operating in the cloud music services market are Amazon.com Inc., Apple Inc., Google LLC, NetEase Inc., Spotify Technology S.A., iHeartMedia Inc., Tencent Music Entertainment Group, Pandora Media Inc., SoundCloud Limited, Deezer SA, Vevo LLC, ASPIRO AB, TuneCore Inc., Bandcamp Inc., Amuse.io AB, Mixcloud Limited, Beatport LLC, Saavn Media Pvt Ltd, Rdio Inc., Gaana.com
The cloud music services market report table of contents includes:
1. Executive Summary
2. Cloud Music Services Market Characteristics
3. Cloud Music Services Market Trends And Strategies
4. Cloud Music Services Market – Macro Economic Scenario
5. Global Cloud Music Services Market Size and Growth
…..
32. Global Cloud Music Services Market Competitive Benchmarking
33. Global Cloud Music Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Music Services Market
35. Cloud Music Services Market Future Outlook and Potential Analysis
36. Appendix
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