Cloud Music Streaming Market Size, Share, Growth, And Industry Analysis by Type (Download, Subscription and Ad Based Streaming) By Application (Smartphones, Laptops, Tablets, Car and Cloud-Enabled Stereo system), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Cloud Music Streaming Market Report Overview

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The global cloud music streaming market size is anticipated to be USD 12000 million in 2021 and is projected to touch USD 41194.71 million by 2031, at a CAGR of 13.0% during the forecast period.

Cloud music streaming is the latest trend in the music and entertainment industry which enables the user to listen to music without the hassle of downloading in the form of on-demand streaming services. The application bases cloud streaming platforms are rapidly increasing owing to the additional user-friendly features such as personalized song recommendations and curated playlists.

The pandemic has accelerated the demand for the entertainment sector. The digitization and the rise in disposable income with technological advantages are leading the growth factor in the cloud music streaming market. The latest popularity of podcasts and global music is another driving factor for the market.

COVID-19 Impact: Shift Towards Work from Home Culture to Improve the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the cloud music streaming market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to cloud music streaming market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 had a positive effect on the cloud streaming market. The spike in cases compelled the globe to impose frequent lockdowns and restrict the movements of the people. The work culture witnessed a massive shift from traditional to home offices. A majority of the people were living in the comfort of their houses the entertainment industry saw an increase in subscriptions and an expansion in user base. The easy accessibility of the internet and the simplistic features of the application accompanied by the low subscription price has benefited the cloud music streaming industry.  

LATEST TRENDS

"Rollout of 5G Networks to Propel the Market Demand"

The rollout of the 5G network has created another major opportunity to project the high growth of cloud music streaming platforms and applications. It is slowly becoming the latest trend in the music industry. The high-speed network can transfer the data at a record speed. Furthermore, the popularity of virtual reality, holograms and the increasing number of music live streaming is boosting the cloud music streaming market and it is expected to grow in the upcoming years.

Cloud Music Streaming Market Segmentation

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• By Type

Based on type, the market is divided into download, subscription and Ad based streaming. The download is expected to lead this segment in the forecast period.

• By Application

Based on the application, the market is divided into smartphones, laptops, tablets, cars and cloud-enabled stereo systems. The smartphone is anticipated to lead this segment in the upcoming years.

DRIVING FACTORS

"Integration of Artificial Intelligence in Music Streaming Platforms to Accelerate Market Rise"

The music industry is focusing on analyzing the data through the help of powerful technology such as artificial intelligence and machine learning in the form of recommendations. The music taste of the consumer differs and by the process of automated customization, the cloud streaming market is gaining popularity. The concept of personalization has been a proven marketing strategy which has brought substantial revenue generation in recent years.The modernization of music streaming by the utilization of smart speakers and high-definition music has improved the quality of streaming attracting more users across the globe. The companies are offering the user the advantage of streaming their favourite music from multiple devices.

The integration of AI was a tactful choice as it helped the user to discover various music genres of music and different artist on the same streaming platform. Not only the application-based music streaming platforms are a popular choice for customers but also the artist and musicians favour them for getting real-time data and helping them to achieve their viewership goals by using the various promotional kit.   Apart from this, cloud music streaming has made it possible to listen to music and favourite podcasts from anywhere. The rise in bandwidth and the easy availability of the internet will drive the cloud music streaming market in the forecasted year.

"Rise in the Smartphone Usage and Modernization to Boost the Cloud Music Streaming Market Demand "

The application-based cloud streaming platforms witnessed a greater number of subscriptions as the use of smartphones intensified. The key players are planning to escalate the popularity of their platforms in partnerships with major mobile manufacturing companies. Previously, the music industry growth was stagnant due to the problem of limited space capacity however the cloud-based service has overcome this issue. The continuous improvement in mobile networks and accessibility of the internet have triggered streaming subscriptions. Multi-device compatibility is another major growth factor for the cloud music streaming market. The entertainment industry is evolving at an unparallel rate due to the high-tech advancement and efforts towards improving the customer experience. All these factors will drive the cloud music streaming market growth in the forthcoming years.

RESTRAINING FACTORS

"Cybersecurity Concerns to Hamper the Market Growth"

Consumer data and privacy are a major concern and often the predominant target for hackers. The music industry and the musicians are aware of the effects of phishing activities and subsequent malware virus attacks. A recent survey has shown that password misuse from entertainment sites are increasing in recent years. Artists are facing the threat of the originality of their production thus secure policies should be implemented to protect the musical production from external attacks. The pirated music sites and apps are a major concern and should be tackled on priority. These factors are restricting the cloud music streaming market growth.

Cloud Music Streaming Market Regional Insights

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"North America dominates the Market due to the Presence of the Key players "

North America is a technologically advanced region with a constant effort to improve the existing infrastructure and IT industry. The high penetration of the internet and the popularity of the entertainment segment is boosting the cloud streaming music market in this region. The presence of the key players, an increasing number of paid subscriptions, innovative market strategies, and smart devices has amplified the cloud music streaming market demand in this region

KEY INDUSTRY PLAYER

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Apple (U.S.)
• Amazon (U.S.)
• Pandora (Denmark)
• Spotify (Sweden)
• Rdio Inc. (U.S.)
• Google (U.S.)
• Microsoft (U.S.)
• Sound Cloud (Germany)
• Tune-In Radio (U.S.)
• Rhapsody (U.S.)
• My Space (U.S.)
• Saavn (U.S.)
• Samsung Music Hub (Australia)
• Grooveshark (U.S.)
• Gaana.com (India)
• Aspiro (Norway)
• Last.FM (U.K.)
• Beats Electronics (U.S.)

REPORT COVERAGE

This report covers the analysis of cloud music streaming providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.