Cloud Music Services Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Cloud Music Services Market Analysis
During the time frame of the forecast, the global cloud music services market is expected to register a CAGR of about 13%.
- Cloud storage has entirely transformed the music industry and how digital music is consumed. Due to its expanding penetration and coverage, the mobile phone has primarily replaced the computer as the primary device for delivering cloud-based music services. The IFPI World Music Report 2022 states that music streaming contributed 65% to the expansion of the global music market.
- The Car Spatial Audio with Dolby Atmos experience was made possible by a partnership between Mercedes-Benz, Apple Music, and Universal Music Group.According to a survey, 76% of car drivers preferred realistic spatial sound. This is the first time Apple will offer its services on a non-Apple device.
- Deezer, the France-based music streaming app, plans to join forces with German broadcaster RTL to expand its services in the country. RTL offers streaming services for TV series, movies, live TV, and sports, and this partnership will allow users to access Deezer’s personalized soundtrack feature Flow and curated playlists.
- The COVID-19 virus caused a new wave of digital platforms to grow, which helped the cloud music service market grow.Individuals used AI-powered music creation tools to make their music. These applications developed the demand for more storage, and consumers adopted on-demand music services.
- The majority of streaming providers need to develop a profitable business strategy. National regulations might also be necessary to enhance this sector's growth. In China, for example, local law and the country's closed-off digital market prevent international streaming players from reaching those viewers. Such marketplaces will lessen competition between music streaming services, ultimately resulting in less demand for the cloud music sector.
Cloud Music Services Industry Segmentation
Cloud music services are mostly used to give more people access to music by getting rid of restrictions like limited storage space or not owning the music.Listeners can enter service agreements to rent out music for a set cost or under specific circumstances through streaming, subscriptions, and other cloud services. One of the important trends predicted to gain traction in the market for cloud music services is the rising incorporation of analytics in the music industry. Record businesses can give clients a unique musical experience thanks to the support of curators, editors, and data analytics technologies.
The Global Cloud Music Services Market is Segmented By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
|Middle East & Africa|
Cloud Music Services Market Trends
Increasing Penetration of Smartphones and Tablets drives the Market for Cloud Music Services
The global mobile user base is expected to reach 5.86 billion by 2025, and Asia Pacific will be the most significant contributor, adding 3.16 million users to this global figure. These new users will result in more music streaming subscriptions. The world is moving forward in the IoT era with smart televisions and smart homes, and music streaming firms partner with various vendors to expand their service offerings.
- December 2022: UK-based music-video app "Roxi" partners with Samsung. With this deal, every Samsung Smart TV manufactured since 2018 will have the Roxi music-video app installed. Along with this, the app will also be provided with Amazon's Fire TV, Google TV, and the premium range of Android TV.
- August 2022: Spotify collaborated with Samsung to offer new features like group listening, seamless listening, and more to Samsung's Android smartphone portfolio. Furthermore, with the advanced features of Spotify and Google Assistant, the Galaxy watches will also be able to play music, pause podcasts, or raise or lower the volume using simple voice commands.
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North American Region Is Expected To Hold Major Market Share
One of the key geographical markets for cloud music services is North America. North America has an advantage over other regions because it was a pioneer in adopting music services. Also, there are many cloud music service providers in the area. Among these are Pandora Plus and Premium, Apple Music, Amazon Music Unlimited, Google and YouTube Music, and iHeartRadio All Access and Plus. Spotify and Apple Music fuel the subscription streaming for over 80% of US users.
- The popularity of Apple Music continued to increase in the USA. By the end of February 2022, Apple Music had 28 million paid subscribers, compared to Spotify's 26 million.
- Spotify, on the other hand, claimed to have 207 million active users through February 2022. It also showed that in its North America region, which includes Canada but not Mexico, there were 28.8 million premium subscribers and 62.1 million monthly active listeners.
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Cloud Music Services Industry Overview
The cloud music services market is highly competitive and consists of several major players. In terms of market share, a few significant players currently dominate the market. These major players with high rankings in the market are focusing on expanding their customer base across foreign countries.
In May 2022, Amazon Music launches its services in Argentina. The service is already available in Colombia and Chile, and adding Argentina will expand its reach in Latin America. The streaming app will also feature locally curated playlists and stations.
In August 2022, a German media company, RTL Deutschland, joined forces with Deezer to launch the music streaming app RTL+ Musik. Subscribers can now enjoy over 90 million tracks, 5,000 curated playlists, and other key music streaming features.
In July 2022, Spotify, for the first time, announced the expansion of video podcasts in six non-English-speaking countries like Germany, France, Italy, Spain, Brazil, and Mexico. These markets have strong communities of podcast creators who are experts in the newest technologies and ideas for making content. This move was planned to bring new innovation and gain popularity among users around the world.
Cloud Music Services Market Leaders
Pandora Media Inc.
*Disclaimer: Major Players sorted in no particular order
Cloud Music Services Market News
- January 2023: With 14% YoY growth, Spotify announced its premium subscriber base touched 205 million, making it the world's first music streaming player with such a large user base. At the beginning of 2022, Spotify announced an investment of $100 million in the licensing, development, and marketing of music and audio content from historically underrepresented creators. These factors helped Spotify reach a milestone in the music industry.
- November 2022: Amazon Prime increased the limits for its users by allowing access to 100 million songs, up from 2 million earlier. The catalog will now match the rival Apple Music Stream. Under the Prime membership, 'All-Access' playlists will be available for on-demand listening with an advertising-free option. The new catalog will carry Amazon-exclusive podcasts.
- November 2022: Deezer, another player in music streaming, partnered with Dazn, which streams live sports in Italy. With this partnership, Dazn subscribers will enjoy their favorite tracks, albums, and playlists on Deezer, along with football and other premium sports content.
Cloud Music Services Market Report - Table of Contents
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 Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
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
*List Not Exhaustive
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
Cloud Music Services Market Research FAQs
What is the study period of this market?
The Cloud Music Services Market is studied from 2018 - 2028.
What is the growth rate of Cloud Music Services Market?
The Cloud Music Services Market is growing at a CAGR of 13% over the next 5 years.
Which region has highest growth rate in Cloud Music Services Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Cloud Music Services Market?
North America holds highest share in 2022.
Who are the key players in Cloud Music Services Market?
Spotify AB, Apple Inc., Amazon.com Inc., Deezer SA, Pandora Media Inc. are the major companies operating in Cloud Music Services Market.
Cloud Music Services Industry Report
In-depth industry statistics and market share insights of the Cloud Music Services Market sector for 2020, 2021, and 2022. The Cloud Music Services Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Cloud Music Services Market report PDF.