Dublin, July 03, 2023 (GLOBE NEWSWIRE) -- The "Cloud Music Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The cloud music services market has revolutionized the music industry and transformed digital music consumption. With the increasing penetration and coverage of mobile phones, they have become the primary device for accessing cloud-based music services, surpassing computers. According to the IFPI World Music Report 2022, music streaming has accounted for 65% of the global music market's growth.
Cloud Music Services Partnership: Mercedes-Benz, Apple Music, and Universal Music Group
A notable collaboration between Mercedes-Benz, Apple Music, and Universal Music Group has brought the Car Spatial Audio with Dolby Atmos experience to life. Responding to a survey where 76% of car drivers expressed a preference for realistic spatial sound, this marks Apple's first venture into non-Apple devices.
Deezer and RTL Partnership Expands Music Streaming Services
France-based music streaming app Deezer has announced its plans to team up with German broadcaster RTL to extend its services in the country. Leveraging RTL's streaming offerings for TV series, movies, live TV, and sports, this collaboration will provide users access to Deezer's personalized soundtrack feature, Flow, and curated playlists.
COVID-19 Impact on Cloud Music Services Market
The COVID-19 pandemic has fueled the growth of digital platforms, contributing to the expansion of the cloud music service market. AI-powered music creation tools have empowered individuals to create their music, leading to increased demand for storage and the adoption of on-demand music services.
Challenges and Regional Considerations in the Cloud Music Services Market
Profitable business strategies and national regulations play crucial roles in shaping the cloud music services market. For instance, in China, local laws and a closed-off digital market restrict international streaming players' access to viewers, reducing competition and potentially impacting demand for the cloud music sector.
Cloud Music Services Market Trends
Increasing Penetration of Smartphones and Tablets Drive Market Growth
The global mobile user base is projected to reach 5.86 billion by 2025, with Asia Pacific contributing significantly to this growth. This expansion of mobile users will lead to increased subscriptions to music streaming services. As the world embraces the Internet of Things (IoT) era with smart televisions and smart homes, music streaming companies are collaborating with various vendors to enhance their service offerings.
North America Holds a Significant Market Share
North America stands out as a key market for cloud music services due to its early adoption of music services and the presence of numerous service providers. Notable players in the region include Pandora Plus and Premium, Apple Music, Amazon Music Unlimited, Google and YouTube Music, and iHeartRadio All Access and Plus. Spotify and Apple Music dominate subscription streaming for over 80% of US users.
Competitive Landscape of the Cloud Music Services Industry
The cloud music services market is highly competitive, with a few major players currently leading the market. These key players are focused on expanding their customer base in foreign countries to strengthen their market position.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Geography
5.1.1 North America
5.1.2 Europe
5.1.3 Asia Pacific
5.1.4 Latin America
5.1.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Spotify AB
6.2.2 Apple Inc.
6.2.3 Amazon.com Inc.
6.2.4 Google LLC
6.2.5 Times Internet
6.2.6 Pandora Media Inc.
6.2.7 Saavn Media Pvt Ltd.
6.2.8 ASPIRO AB
6.2.9 NetEase Inc.
6.2.10 Deezer SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qzu363
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