The Global Market for Cloud Music Streaming is Forecast to Reach US$17 Billion by 2024
Use of Smartphones for Entertainment & the
Resulting Rise of the Portable Music Revolution Drives Opportunities for Cloud
Music Streaming, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Cloud Music Streaming market. The
global market for Cloud Music Streaming is forecast to reach US$17 billion by
2024, driven by favorable smartphone usage patterns for entertainment, and
the resulting demand for on-demand entertainment services.
Music has long been mainstream
entertainment. The ability of music to invoke emotions, feelings, reinforce
memories, bring people together, influence mood, trigger physiological changes,
enable expression of oneself through poetically written lyrics, makes music the
most popular form of entertainment. Virtually everyone listens to music
everyday with over 75% of people listening to music several times a day. As a
vital although inconspicuous part of everyday life, music not surprisingly
plays a large role in the entertainment industry. Technology is changing the way music is
created, composed, produced and mostly importantly delivered to people. From
music cassettes to CDs/DVDs to downloads on pen drives to live streaming of
personalized music libraries, technology continues to change the way music is
consumed worldwide. Cloud music in this regard is the newest delivery platform
for music in the entertainment industry. Defined as music that can be directly
streamed from a cloud server on any device anytime, anywhere, cloud music is
growing in popularity. Gradual development of the ecosystem supporting the
cloud has been playing a pivotal role in the commercialization of the cloud
platform in the music industry.
The development of cloud music storage
services, music lockers, high resolution and audio quality cloud-based music
streaming services, rapid penetration of smartphones, tablets and other mobile
computing devices, ubiquitous availability of affordable mobile Internet
connectivity for instance have catalyzed the commercialization of cloud music.
The cloud is transforming music into a “paid utility” where unlimited music is
offered for a monthly subscription fee. The technology is also encouraging
globalization of music. For instance, Google
Play Music subscription service enables people anywhere in the world to
subscribe and listen to music across a variety of languages. Few of the
benefits of cloud music driving its popularity and adoption among consumers of
all age-groups include elimination of the need to back-up and store music files
on local devices; access to music anytime, anywhere, on any device;
pay-as-you-go or pay-per-use billing options that bring affordability to a
wider range of consumers; ability to personalize content and categorize music
as per preferences; synchronization of content; among others.
Few of the other major trends in the
market include rise of the on-demand economy; growing consumer willingness to pay
for music and the ensuing dominance of subscription-based music streaming
business models; shifting service provider’s focus on lean back listeners away
from traditional lean-forward” listeners; growing popularity of cloud music
streaming on wearable devices like smartwatches; and rise of in-car music
streaming, among others.
As stated by the new market research
report on Cloud
Music Streaming the United States represents the largest market worldwide. Asia-Pacific
ranks as the fastest growing market with a CAGR of 31.5% over the analysis period
led by the development of the Internet and telecom infrastructure; digitalizing
lifestyles of the middle class population and a parallel increase in appetite
for digital forms of entertainment; growing cloud readiness of Asian economies;
rising smartphone penetration and mobile internet subscriptions largely due to
falling device costs and service tariffs. Also, for developing countries, the
cloud offers the promise of affordable end-to-end entertainment for consumers
and attractive monetization possibilities for market players
Major players in the market include Amazon.com
Inc., Apple Inc., Deezer, Google Inc., YouTube LLC, YouTube Red, KKBOX Inc.,
Microsoft Corp., Napster, Pandora Media Inc., Saavn LLC, SoundCloud Limited,
Spotify Ltd., Tencent Holdings Ltd., Tencent Music Entertainment Group, and
Tidal, among others.
The research report titled
“Cloud
Music Streaming: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the USA, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa
and Latin America.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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