Market Trends of Cloud Music Services Industry
This section covers the major market trends shaping the Cloud Music Services Market according to our research experts:
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.
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.
