The cloud music services market is expected to grow at a compound annual growth rate of 29.48% over the forecast period to reach a market size of US$19.158 billion in 2026 from US$3.140 billion in 2019. Cloud music services allow users to save their music collections on the cloud as well as on local storage devices and stream music across many devices. These services usually operate on a freemium basis, which allows users to store data for free up to a specific amount before having to pay a small fee to utilise cloud services. Many cloud services feature user interfaces that let users access music from a range of devices, including MP3 players, laptops, cellphones, gaming consoles, and setup boxes. Using the servers, one can make a number of playlists and listen to them from anywhere.
Cloud has revolutionized the music industry and how people listen to digital music. The smartphone has largely become the device of choice for allowing cloud-based music services due to its increasing penetration and coverage. According to the IFPI Global Music Report 2021, total streaming revenues increased by 19.9% to $13.4 billion, accounting for 62.1% of total global recorded music revenue.
Cloud music services are generally used to expand music access by overcoming constraints imposed by device storage space or lack of ownership. Streaming, subscription, and other cloud services provide listeners service agreements that allow them to rent music for a charge or under specific circumstances. One of the main trends predicted to gain momentum in the cloud music services market is the rising incorporation of analytics in the music business. Record labels can give clients a personalised music experience thanks to the help of curators, editors, and
The adoption of cloud music services is rising at a faster rate as the use of smartphones grows. It solves the problem of saving tracks on a smartphone. With the use of a smartphone, the user can listen to his favourite music whenever he wants. As the number of smartphones grows, so does the use of mobile cloud services, resulting in a growth in the mobile cloud services market. Furthermore, with enhanced mobile network technology, users can have high-speed internet access to playlists on the cloud, which is expected to drive the cloud music service market.
High-speed network bandwidth is required to stream music online, and a stable network is required to maintain continuously streaming. Many developing nations lack strong network connections, which might have a negative impact on the market for cloud music services. Furthermore, in the coming years, efforts by telecommunications and government services to establish extensive network connectivity may overcome the constraints. Furthermore, because it is customary for users to share their IDs and password, the privacy connected with the music collection might be a big stumbling block for the market.
The COVID-19 pandemic is forecasted to have a positive influence on the cloud music services market, as all kinds of entertainment have gone online due to the outbreak. People were compelled to adapt to new kinds of media due to the lack of movement and the closing of all entertainment centres, resulting in the rise of streaming services.
Cloud music services are generally used to expand music access by overcoming constraints imposed by device storage space or lack of ownership. Streaming, subscription, and other cloud services provide listeners service agreements that allow them to rent music for a charge or under specific circumstances. One of the main trends predicted to gain momentum in the cloud music services market is the rising incorporation of analytics in the music business. Record labels can give clients a personalised music experience thanks to the help of curators, editors, and
Growth Factors
Rising use of smartphones
The adoption of cloud music services is rising at a faster rate as the use of smartphones grows. It solves the problem of saving tracks on a smartphone. With the use of a smartphone, the user can listen to his favourite music whenever he wants. As the number of smartphones grows, so does the use of mobile cloud services, resulting in a growth in the mobile cloud services market. Furthermore, with enhanced mobile network technology, users can have high-speed internet access to playlists on the cloud, which is expected to drive the cloud music service market.
Restraints
High bandwidth with fast streaming
High-speed network bandwidth is required to stream music online, and a stable network is required to maintain continuously streaming. Many developing nations lack strong network connections, which might have a negative impact on the market for cloud music services. Furthermore, in the coming years, efforts by telecommunications and government services to establish extensive network connectivity may overcome the constraints. Furthermore, because it is customary for users to share their IDs and password, the privacy connected with the music collection might be a big stumbling block for the market.
Covid-19 Impact
The COVID-19 pandemic is forecasted to have a positive influence on the cloud music services market, as all kinds of entertainment have gone online due to the outbreak. People were compelled to adapt to new kinds of media due to the lack of movement and the closing of all entertainment centres, resulting in the rise of streaming services.
Competitive Insights
- May 2021 - The Hong Kong Stock Exchange provided NetEase permission to spin off its music streaming business, Cloud Village, which operates the popular NetEase Cloud Music streaming service, with an aim to raise roughly $1 billion.
- March 2021 - NetEase Cloud Music, China's biggest interactive music streaming service provider, and Merlin, the independent's digital music licencing partner, announced an extension of their strategic relationship in China to cover a wider range of partnerships.
Market Segmentation:
By Type
- Downloadable
- Subscription
- Streaming
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- Italy
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Cloud Music Services Market Analysis, By Type
6. Cloud Music Services Market Analysis, By Geography
7. Competitive Environment and Analysis
8. Company Profiles
Companies Mentioned
- Apple, Inc.
- Spotify
- Amazon
- Pandora
- Sound Cloud
- KKBOX
- Youtube
- Deezer SA
- Saavn LLC
- Gaana.com
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 118 |
| Published | October 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 3.14 billion |
| Forecasted Market Value ( USD | $ 19.16 billion |
| Compound Annual Growth Rate | 29.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
