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

Cloud music is really taking off, mostly because more and more people are using cloud services for their digital tunes. Think about itwith these services, you can back up your entire music collection and never worry about a hard drive crash or nasty virus again! There are basically two types of cloud music services. One is kind of like a radio station, where you create a profile and build a music library tailored to what you like. The other gives you total freedom, but it takes more effort to set up. Both let you store your music remotely, which is awesome. Some of the big names out there are amazon music unlimited, Spotify, pandora, and apple music.

Global Cloud Music Service Market Overview

What's fueling the rise of cloud music services? Well, it's largely because more and more people are using the cloud to store and enjoy their digital music. Especially on their mobile phones! Just check out the IFPI Global Music Report 2018back in 2017, around 176 million of us were already paying for cloud music. And get this – streaming revenues jumped by a whopping 41.1%! Big players like Apple Music and Spotify are definitely pushing this market forward. To stay ahead, companies are even exploring mergers and acquisitions – it's a competitive world out there!

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 MarketSegmentation 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.

Report Scope

Top Trending Reports

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We'll dig into the market with both qualitative and quantitative analysis, breaking it down by segments based on, well, everything that matters - both the money side and the stuff that's harder to measure. You'll get rock-solid market value (USD Billion) data for every segment and sub-segment. We'll pinpoint the region and segment we think are set to explode with growth and which will be the king of the hill. Expect a geographic breakdown, showing you where the product/service is really being used and what's driving the market in each area. Plus, we'll give you the competitive landscape, with a ranking of the big players, highlighting their latest moves like new launches, partnerships, expansions, and acquisitions over the last five years. You'll get extensive company profiles - think company overview, deep insights, product comparisons, and good ol' SWOT analysis for the key players. We'll paint a picture of the market's present and future, covering recent happenings, growth opportunities, and the roadblocks in both up-and-coming and mature regions. Get ready for an in-depth look through Porter's five forces analysis, and a clear view of the Value Chain. We'll lay out the market dynamics scenario and the growth opportunities that are coming down the pike. Oh, and don't forget the 6-month post-sales analyst support - we've got your back!

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.