What is Cloud Music Streaming?
The music industry, as well as how digital music is consumed, is increasingly being transformed by cloud computing. Consumers are turning to on-demand streaming services instead of buying and downloading songs over the Internet. This also provides new features that allow users to make playlists and receive song and band recommendations based on their musical preferences. The cell phone has become the device of choice for providing cloud-based music services due to its widespread penetration and coverage. Apple, the market leader in traditional music downloads, is now planning its iTunes music store to become a streaming service, possibly in response to stagnant music download sales. Apple is concentrating on providing higher-quality music for both its download and future streaming services to differentiate itself from numerous other competing existing streaming music services such as Sony's Music Unlimited, Pandora, Rhapsody, and Spotify.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Amazon.com Inc. (United States), Apple Inc. (United States), Google LLC (United States), cloud village inc. (China), Pandora Media Inc. (United States), Spotify AB (Sweden), Deezer SA (France), Tencent Music Entertainment Group (China), Tidal (United States), Rhapsody (India) and Sony Group (Japan) |
CAGR | % |
The market study is broken down by Type (Cloud Music Download, Streaming Subscription and Ad-based Cloud Music Streaming), by Application (Smartphones, Laptops, Tablets, Cars and Stereo Systems) and major geographies with country level break-up.
The market for cloud music services is highly competitive, with several significant companies. Few big firms currently dominate the market in terms of market share. These market leaders are concentrating their efforts on growing their consumer base to include international countries. These businesses are relying on strategic collaboration activities to grow their market share and profit margins. To boost their product capabilities, market players are also purchasing start-ups that provide cloud music services. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Cloud Music Streaming market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amazon.com Inc. (United States), Apple Inc. (United States), Google LLC (United States), cloud village inc. (China), Pandora Media Inc. (United States), Spotify AB (Sweden), Deezer SA (France), Tencent Music Entertainment Group (China), Tidal (United States), Rhapsody (India) and Sony Group (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Cloud Music Streaming market by Type, Application and Region.
On the basis of geography, the market of Cloud Music Streaming has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Individual Use will boost the Cloud Music Streaming market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In January 2022- SiriusXM Holdings Inc. announced that its subsidiary, Sirius XM Radio Inc., has acquired Cloud Cover Media, Inc. Cloud Cover Media offers Cloud Cover Music, music for business service, and employs business management, music programming, licensing, and software development teams. Cloud Cover Music's easy-to-use solutions and robust tech platform allow businesses to deliver music, with customized audio messaging if desired, to create the desired atmosphere for their prospects, customers, and clients.
In April 2020, Apple, Inc. introduced its music streaming service in 52 new countries to expand Apple Music's global reach.
Market Trend
- Increasing Penetration of Smartphones and Tablets Drives the Market for Cloud Music Services
- Growing demand for Cloud-based applications
Market Drivers
- The emergence of 5g, Rising Sales of Cloud Music Streaming Subscriptions
- Increase Access to Music by Overcoming Limitations Imposed By Device Storing Capacity or Lack of Ownership.
Opportunities
- Increasing Integration of Analytics in the Music Industry
- Increasing technological advancement
Restraints
- Issues Related To High Internet Costs
Challenges
- Increasing Concerns Related To Bandwidth and Fast Streaming
Key Target Audience
Software Distribution Tools, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.