The Worldwide Cloud Music Services Industry is Expected to Reach $19+ Billion by 2026
DUBLIN, Nov. 4, 2021 /PRNewswire/ -- The "Cloud Music Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
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
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.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Cloud Music Services Market Analysis, By Type
5.1. Introduction
5.2. Downloadable
5.3. Subscription
5.4. Streaming
6. Cloud Music Services Market Analysis, By Geography
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Apple, Inc.
8.2. Spotify
8.3. Amazon
8.4. Pandora
8.5. Sound Cloud
8.6. KKBOX
8.7. Youtube
8.8. Deezer SA
8.9. Saavn LLC
8.10. Gaana.com
For more information about this report visit https://www.researchandmarkets.com/r/bfn74x
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SOURCE Research and Markets
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