Industry Background:
Cloud Music service permits users to listen to various types of music tracks on demand without actually purchasing them. Also, provides a facility to users to store personal music library online by matching their tracks to songs listed on a cloud service provider. They use computer servers connected to the internet to let user’s access to music and other information. Growing exposure of customers to digital platforms, on-demand services and availability of more 4G and 5G data services at affordable costs have cheered users to avail cloud music services.
This growth is primarily driven by Increasing Number of Smartphone and Tablet User and Fueling Internet Accessibility Globally.
Globally, a noticeable market trend is evident Increasing Use of Wearable Devices
. The Cloud Computing sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Spotify AB (Sweden), Apple Inc. (United States), Amazon.com (United States), Google LLC (United States), Microsoft Corporation (United States), Times Internet (India), Pandora Media Inc. (United States), Sound Cloud (Sweden), Saavn Media Pvt Ltd (India) and Rhapsody (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 6th June 2019, President Barack Obama and Michelle Obama’s production company, Higher Ground has announced a partnership with Spotify to produce podcasts exclusive to the platform. The Obamas formed Higher Ground to produce powerful stories to entertain, inform and inspire, and to lift up new, diverse voices in the entertainment industry.
On 2nd Feb 2019, Spotify Technology S.A., the world’s most popular music streaming service, announced that it has entered into definitive agreements to acquire Gimlet Media Inc. the renowned independent producer of podcast content, and Anchor (“Anchor”), the company leading the market for podcast creation, publishing, and monetization services. Terms of the transactions were not disclosed. and In May 2018, YouTube launched a new music streaming service called YouTube Music. The new mobile app and desktop player from the company will compete with Spotify and iTunes to offer official songs, albums, playlists, and artist radio stations. While the service is free, there also exists a paid membership, which cost USD 9.99 for a month. It will make the experience ad-free and let users download music and listen to it in an offline mode
Market Drivers
- Increasing Number of Smartphone and Tablet User
- Fueling Internet Accessibility Globally
Market Trend
- Increasing Use of Wearable Devices
- Up surging Adoption of Internet-Of-Things Technology
Restraints
- Rising Issues Owing to High Internet Costs
Opportunities
Growing Technological Evolutions Associated With Cloud Music Services and Huge Potential Due To Technological Enhancement in Subscription-Based and Subscription-Free Models
Challenges
Growing Concern Regarding Bandwidth and Fast Streaming Requirement
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Cloud Music Services Study Sheds Light on
The Cloud Music Services Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Cloud Music Services industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Cloud Music Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.