Global Cloud Music Service Market Size By Type (Subscription, Mobile, Download), By Application (Commercial, Entertainment), By Geographic Scope And Forecast

Cloud Music Service Market Size And Forecast

Cloud Music Service Market size was valued at USD 544.93 Million in 2022 and is projected to reach USD 2,491.73 Million by 2030, growing at a CAGR of 18.2% from 2023 to 2030.

The rise in the number of smartphones and tablet users along with rapid penetration of the internet across the globe are some of the major drivers that are positively influencing the growth of the Global Cloud Music Service Market. The Global Cloud Music Service Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Cloud Music Service Market Definition

The cloud music service is gaining momentum owing to the increased penetration of cloud services for digital music. With the help of cloud music services, users can back up their music collection and do not need to worry about hard drive failure or virus infection. There are two types of music cloud services. The first one is like radio stations and the users can create profiles with the service and create a music library to their preference. The second one gives the most freedom to users but also requires lots of work. With the help of these cloud music services, the users can store music remotely. Some of the popular cloud music services are amazon music unlimited, Spotify, pandora, and apple music.

Global Cloud Music Service Market Overview

The growth of the Global Cloud Music Service Market is driven by the growing penetration of the cloud for digital music. The cloud-based music services are increasingly being adopted on mobile phones. According to a report published by IFPI Global Music Report 2018, in 2017 around 176 million users subscribed to cloud music services, and the total revenue streaming revenues grew by 41.1%. Popular streaming services such as Apple Music, Spotify, and others are contributing heavily to the growth of the Global Cloud Music Service Market. The companies are trying the merger and acquisition strategy to gain the upper hand in the market.

For instance, Apple acquired Shazam, a popular music app that was used by millions of people across the globe. However, some restraints are expected to hinder the growth of the Global Cloud Music Service Market. The issues related to high internet costs are expected to limit the growth of the Global Cloud Music Service Market. Also, the increasing concerns related to bandwidth and the fast streaming requirement are expected to create challenges for the growth of the Global Cloud Music Service Market over the forecast period.

Global Cloud Music Service Market: Segmentation Analysis

The Global Cloud Music Service Market is segmented on the basis of Type, Application, and Geography.

Cloud Music Service Market, By Type

• Subscription
• Mobile
• Download
• Others

Based on Type, the market is bifurcated into Subscription, Mobile, Download, and Others. The mobile audio segment is expected to grow at the fastest rate owing to easier access to cloud music services through mobile electronic devices such as smartphones, tablets, and other music player devices.

Cloud Music Service Market, By Application

• Commercial
• Entertainment
• Others

Based on Application, the market is bifurcated into Commercial, Entertainment, and Others. The entertainment segment is expected to grow at a rapid pace owing to the growth of streaming sites such as Spotify, apple music, and other streaming services.

Cloud Music Service Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world
• On the basis of Geography, The Global Cloud Music Service Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The largest share in the market will be dominated by North America. The dominance of the North American region is credited to the major players such as Spotify, Apple music, google music, amazon music unlimited, and pandora along with others.

Key Players

The "Global Cloud Music Service Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Apple Inc., Google LLC., Saavn Media Pvt Ltd., Spotify AB, Amazon.com Inc., Times Internet, Pandora Media Inc., ASPIRO AB, NetEase Inc, and Deezer SA.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Partnerships, Collaborations and Agreements
• On June 6, 2019, President Barack Obama and Michelle Obama's production company, Higher Ground announced a partnership with Spotify to produce exclusive podcasts on the platform. Obama has built a Higher Ground to produce powerful stories that can entertain, inform and inspire, and raise new, diverse voices in the entertainment industry.
• On February 2, 2019, Spotify Technology S.A., the world's most popular music broadcasting service, announced that it had entered into direct contracts with Gimlet Media Inc. an independent podcast content producer, and Anchor ("Anchor"), a leading company. the market for podcast creation, publishing, and monetization services. Commercial terms were not disclosed.
• Product Launches and Product Expansions
• In May 2018, YouTube launched a new music streaming service called Music on YouTube. The company's new mobile app and the desktop player will compete with Spotify and iTunes to offer official songs, albums, playlists, and artist radio stations. Although the service is free, there is also a paid membership. It will create ads and allow users to download and listen to music offline.