According to the latest report by IMARC Group, titled “Global Cloud Music Services Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global cloud music services market reached a value of US$ XX Million in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.
Cloud music services allow users to stream music and songs while eliminating the limitations imposed by the device storage capacity or lack of ownership. They provide access to audio samples, virtual studio technologies (VSTs), and mixing tools and create a music library based on the user’s preferences. However, cloud music services usually limit the number of songs saved on an account, which can be extended by buying a subscription to the platform. Besides this, these services also facilitate various functions, such as backup, sharing, and transfer of files between devices.
Base Year: 2021
Forecast Year: 2022-2027
Cloud Music Services Market Trends and Drivers:
Over the years, with the growing reliance on smartphones, tablets, and portable music players, there has been a significant increase in the number of individuals using cloud music services across the globe. In addition, the emergence of 4G and 5G networks that offer high-speed access to cloud music services represents another major growth-inducing factor.
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Besides this, nowadays, data analytics is being widely utilized in the music industry, enabling cloud service providers to identify the preferences of their listeners and make recommendations accordingly. Moreover, key market players are engaging in geographical expansions, partnerships with domestic players, and mergers and acquisitions (M&A) to expand their consumer base.
They are also investing in aggressive promotional and research and development (R&D) activities to increase their revenue. On account of these factors, the market is expected to witness positive growth in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cloud Music Services Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Amazon.com Inc., Apple Inc., Deezer, Gamma Gaana Ltd. (Times Internet), NetEase Inc., Pandora Media LLC (Sirius XM Holdings), Rhapsody International Inc. (RealNetworks Inc.), Saavn Media Pvt Ltd, Spotify AB and YouTube Music (Google LLC).
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The report has segmented the market on the basis of region, type, application and end use.
Breakup by Type:
- Cloud Music Download
- Streaming Subscription
- Ad-based Cloud Music Streaming
Breakup by Application:
- Smartphones and Tablets
- Stereo Systems
Breakup by End Use:
- Individual Use
- Commercial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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