Cloud Music Services Global Market Report 2024

The cloud music services market size has grown rapidly in recent years. It will grow from $16.37 billion in 2023 to $18.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. Historical growth in cloud music services can be attributed to several factors, including increased internet penetration, widespread adoption of smartphones, the digitalization of music content, expansion of streaming platforms, advancements in connectivity infrastructure, and the integration of these services with smart devices.

The cloud music services market size is expected to see rapid growth in the next few years. It will grow to $30.19 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in cloud music services for the forecast period can be attributed to several factors. These include the incorporation of Artificial Intelligence (AI) for personalized music experiences, global expansion efforts, integration with Virtual Reality (VR) and Augmented Reality (AR) technologies, improvements in audio quality, innovative monetization models, user-generated content initiatives, and enhanced social integration features. Key trends expected during this period encompass the popularity of live performances streamed through these platforms, collaborative playlist curation among users, advanced music discovery algorithms, personalized concert experiences, and integration with fitness and wellness platforms for a holistic user experience.

The increasing demand for smartphones is poised to drive the growth of the cloud music services market in the foreseeable future. Smartphones, versatile handheld devices combining communication, internet access, multimedia capabilities, and computing functions, are sought after for their convenience and ever-evolving features, meeting diverse communication, entertainment, and productivity needs. Cloud music services are utilized by smartphones to stream and store music files remotely, allowing users access to extensive song libraries, creation of playlists, and seamless playback experiences across multiple devices. For example, data from Uswitch Limited in February 2024 revealed 71.8 million mobile connections in the UK, marking a 3.8% increase from 2021, with an anticipated 95% smartphone adoption rate among the UK's 68.3 million residents by 2025. Consequently, the rising demand for smartphones is a catalyst for the growth of the cloud music services market.

Key players in the cloud music services market are concentrating on developing AI-based music services to enhance user experiences and engagement. AI-based music services leverage algorithms to personalize recommendations, curate playlists, and refine user experiences based on listening habits and preferences. For instance, Ganna, an India-based music streaming app, launched Gaana for Artists in January 2022, empowering artists with real-time audience insights from Gaana's vast user base of 180 million. It provides transparent data on song streams, top listening cities, and performance analytics to better understand audience preferences.

In January 2022, SiriusXM, a US-based audio entertainment company, acquired Cloud Cover Music for an undisclosed sum. This acquisition enables SiriusXM to integrate resources, expand offerings to cater to businesses of various sizes, and significantly broaden Cloud Cover Music's client base. Cloud Cover Music is a US-based business streaming music service.

Major companies operating in the cloud music services market are Amazon.com Inc., Apple Inc., Google LLC, NetEase Inc., Spotify Technology S.A., iHeartMedia Inc., Tencent Music Entertainment Group, Pandora Media Inc., SoundCloud Limited, Deezer SA, Vevo LLC, ASPIRO AB, TuneCore Inc., Bandcamp Inc., Amuse.io AB, Mixcloud Limited, Beatport LLC, Saavn Media Pvt Ltd, Rdio Inc., Gaana.com.

North America was the largest region in the cloud music services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud music services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud music services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud music services are platforms that allow users to store, access, and stream music from remote servers via the internet. These services typically offer features such as playlist creation, personalized recommendations, offline listening, and social sharing capabilities. Users can either upload their music libraries to the cloud or access extensive libraries of songs provided by the service, allowing convenient on-demand listening across various devices without local storage requirements.

The primary types of cloud music services include mobile, download, and others. Mobile cloud music services are applications that enable users to stream and store music directly from the cloud on their mobile devices. They cater to various locations such as entertainment venues, commercial establishments, and others, serving end-users for individual and commercial use.

The cloud music services research report is one of a series of new reports that provides cloud music services market statistics, including the cloud music services industry's global market size, regional shares, competitors with a cloud music services market share, detailed cloud music services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud music services industry. This cloud music services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud music services market includes revenues earned by entities providing services such as streaming, offline listening, cross-device syncing, social integration, high-quality audio streaming, lyrics integration, customization, integration with smart devices and voice assistants, podcasts and audio content, and subscription tiers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.