Cloud Music Services Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The cloud music services market size has grown rapidly in recent years. It will grow from $16.37 billion in 2023 to $18.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to internet penetration, smartphone proliferation, digitalization of music, expansion of streaming platforms, advancements in connectivity, and integration with smart devices.
The cloud music services market size is expected to see rapid growth in the next few years. It will grow to $30.19 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to AI and personalization, global expansion, integration with VR and AR, enhanced audio quality, monetization models, user-generated content, and social integration. Major trends in the forecast period include the rise of live performances, collaborative playlist curation, music discovery algorithms, personalized concert experiences, and integration with fitness and wellness platforms.
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Scope Of Cloud Music Services MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cloud Music Services Market Overview
Market Drivers –The rising demand for smartphones is expected to propel the growth of the cloud music services market going forward. Smartphones are handheld mobile devices integrating various features such as communication, internet access, multimedia capabilities, and computing functions. The increasing demand for smartphones is due to their versatility, convenience, and constantly evolving features, meeting diverse communication, entertainment, and productivity needs. Smartphones utilize cloud music services to stream and store music files remotely, enabling users to access vast libraries of songs, create playlists, and enjoy seamless playback experiences across multiple devices. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, a 3.8% increase from 2021. Further, it is anticipated that by 2025, 95% of the UK’s 68.3 million residents will be using smartphones. Therefore, rising demand for smartphones is driving the growth of the cloud music services market.
Market Trends – Major companies operating in the cloud music services market are focusing on developing AI-based music services to enhance user experience and engagement. AI-based music services are cloud music services that utilize algorithms to personalize recommendations, create playlists, and improve user experiences based on listening habits and preferences. For instance, in January 2022, Ganna, an India-based music streaming app, launched Gaana for Artists, a new app designed to empower artists by offering real-time audience insights from Gaana’s vast user base 180 million. It provides transparent data on song streams, top cities for listeners, and performance analytics to understand audience preferences better.
The cloud music services market covered in this report is segmented –
1) By Type: Subscription, Mobile, Download, Other Types
2) By Locations: Entertainment, Commercial, Other Locations
3) By End Use: Individual Use, Commercial Use
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Regional Insights – North America was the largest region in the cloud music services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud music services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the cloud music services market are Amazon.com Inc., Apple Inc., Google LLC, NetEase Inc., Spotify Technology S.A., iHeartMedia Inc., Tencent Music Entertainment Group, Pandora Media Inc., SoundCloud Limited, Deezer SA, Vevo LLC, ASPIRO AB, TuneCore Inc., Bandcamp Inc., Amuse.io AB, Mixcloud Limited, Beatport LLC, Saavn Media Pvt Ltd, Rdio Inc., Gaana.com
Table of Contents 1. Executive Summary2. Cloud Music Services Market Report Structure3. Cloud Music Services Market Trends And Strategies4. Cloud Music Services Market – Macro Economic Scenario5. Cloud Music Services Market Size And Growth…..27. Cloud Music Services Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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