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.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, 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 Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, 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 Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more