Market Size of Cloud Music Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*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.
