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.
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.
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East & Africa |
Cloud Music Services Market Size Summary
The cloud music service market is experiencing significant transformation, driven by the shift from traditional computer-based consumption to mobile devices, which have become the primary platform for accessing these services. This transition is largely due to the widespread adoption of smartphones and the increasing integration of music streaming with other digital services. Partnerships between major companies, such as Mercedes-Benz, Apple Music, and Universal Music Group, highlight the growing trend of incorporating advanced audio experiences in vehicles, while collaborations like Deezer's with RTL in Germany demonstrate the expanding reach of music streaming services into new markets. The COVID-19 pandemic further accelerated the growth of digital platforms, as more individuals turned to AI-powered music creation tools and on-demand services, increasing the demand for cloud storage solutions.
The competitive landscape of the cloud music service market is dominated by key players such as Spotify, Apple Music, Amazon Music, and Deezer, who are actively expanding their global presence. North America remains a crucial market due to its early adoption of music streaming services and the presence of numerous providers. The market is characterized by strategic partnerships and expansions, as seen with Amazon Music's entry into Argentina and Spotify's expansion of video podcasts into non-English-speaking countries. These developments are complemented by innovations in service offerings, such as Spotify's investment in diverse content and Amazon Prime's expanded music catalog. As the market continues to grow, these major players are focusing on enhancing their service offerings and expanding their customer base internationally.
Cloud Music Services Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.4 Market Restraints
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Buyers/Consumers
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1.5.2 Bargaining Power of Suppliers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 North America
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2.1.2 Europe
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2.1.3 Asia Pacific
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2.1.4 Latin America
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2.1.5 Middle East & Africa
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Cloud Music Services Market Size FAQs
What is the current Cloud Music Services Market size?
The Cloud Music Services Market is projected to register a CAGR of 13% during the forecast period (2024-2029)
Who are the key players in Cloud Music Services Market?
Spotify AB, Apple Inc., Amazon.com Inc., Deezer SA and Pandora Media Inc. are the major companies operating in the Cloud Music Services Market.
