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The Global Cloud Music Services Market is Segmented By Region (North America, Europe, Asia-Pacific, Rest of the World)
2018 - 2026
Fastest Growing Market:
The global Cloud Music Services Market has 475.48 million subscribers in 2020, and it is expected to reach 1360.29 million subscribers by 2026, registering a CAGR of 19.1%, during the forecast period of (2021-2026).
Cloud music services are primarily used to increase access to music by overcoming limitations imposed by the device storing capacity or lack of ownership. Streaming, subscription, and other cloud services provide listeners with service agreements to rent music out for a certain fee or under certain conditions. The increasing integration of analytics in the music industry is expected to be one of the key trends that are gaining traction in the cloud music services market. The backing from curators, editors, and data analytics systems enables record companies to provide customers with a customized music experience.
|Middle East & Africa|
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In 2016, the number of smartphones sold to consumers was around 1.5 billion units, which was a significant increase from the 680 million units sold in 2012. Thus, over 28% of the global population owned a smart device in 2016, a figure that is expected to increase to 37% by 2020. With the growing number of smartphones and tablets, the music listener’s behavior is changing.
Companies are entering into strategic partnerships with mobile manufacturers to expand their business. For instance, Spotify collaborated with Samsung to make its app the smartphone maker's official music service provider across devices, allowing two companies to create a seamless music listening experience for the user
The high percentage of mobile devices used in China (67% versus 48% in the United States), high smartphone penetration with around 92 cellular subscriptions (per 100 people versus 117 in the United States), significant mobile coverage, and aggressive government funding to upgrade and expand mobile broadband, claiming over one billion 4G subscriptions are some of the major factors influencing the cloud music services market.
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North America is one of the prominent regions for the cloud music services market. It has also been a pioneer in the adoption of music services, which provides North America with an edge over the other regions. Moreover, the region has a strong foothold of cloud music service providers. Some of them include Apple Music, Amazon Music Unlimited, Google/YouTube Music, Pandora Plus/Premium, and iHeartRadio All Access/Plus. Spotify and Apple Music are responsible for about 80% of subscription streaming among the United States subscribers.
According to the IFPI Global Music Report 2018, streaming in the United States was up 49.8% and paid subscription audio streaming revenue grew to 59.6%. Paid music streaming has been aiding the overall market growth of the US music industry. Apple overtook Spotify early in 2018, with Spotify disclosing a geographical breakdown of over 25.7 premium subscribers in North America (including Canada) at the end of the second quarter
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The Cloud music services market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on cloud music services to strengthen their product capabilities. Spotify has launched its service in 13 new markets in the Middle East and North Africa, with fully Arabic user experience, offering music fans the best of international and local music, and a wealth of locally-curated playlists, such as Oriental Chill Vibes, and Arabic EDM, among others. Amazon has launched Amazon Prime Music, an ad-free music streaming service available exclusively for Prime members. The service includes features such as unlimited offline downloads, and voice controlled search with Amazon’s personal assistant software - Alexa.
1.1 Study Deliverables
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 North America
5.1.3 Asia Pacific
5.1.4 Latin America
5.1.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Spotify AB
6.2.2 Apple Inc.
6.2.3 Amazon.com Inc.
6.2.4 Google LLC
6.2.5 Times Internet
6.2.6 Pandora Media Inc.
6.2.7 Saavn Media Pvt Ltd
6.2.8 ASPIRO AB
6.2.9 NetEase Inc.
6.2.10 Deezer SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS