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Cloud Music Services Market Analysis: Market Size, Competitive Insights, and Trends Driving Unprecedented Growth in Digital Entertainment!
Cloud Music Services Market
As per the report, 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%. 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%.
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Smartphone Demand Fuels Growth Of Cloud Music Services Market
The rising demand for smartphones is expected to propel the growth of the cloud music services market going forward. Smartphones are handheld mobile devices integrating various features such as communication, internet access, multimedia capabilities, and computing functions. The increasing demand for smartphones is due to their versatility, convenience, and constantly evolving features, meeting diverse communication, entertainment, and productivity needs. Smartphones utilize cloud music services to stream and store music files remotely, enabling users to access vast libraries of songs, create playlists, and enjoy seamless playback experiences across multiple devices. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, a 3.8% increase from 2021. Further, it is anticipated that by 2025, 95% of the UK's 68.3 million residents will be using smartphones. Therefore, rising demand for smartphones is driving the growth of the cloud music services market.
Key Players Innovations Transforming Cloud Music Services Market
Major companies operating in the cloud music services market are focusing on developing AI-based music services to enhance user experience and engagement. AI-based music services are cloud music services that utilize algorithms to personalize recommendations, create playlists, and improve user experiences based on listening habits and preferences. For instance, in January 2022, Ganna, an India-based music streaming app, launched Gaana for Artists, a new app designed to empower artists by offering real-time audience insights from Gaana's vast user base 180 million. It provides transparent data on song streams, top cities for listeners, and performance analytics to understand audience preferences better.
The cloud music services market covered in this report is segmented -
1) By Type: Subscription, Mobile, Download, Other Types
2) By Locations: Entertainment, Commercial, Other Locations
3) By End Use: Individual Use, Commercial Use
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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
Contents of the report:
1. Executive Summary
2. Cloud Music Services Market Report Structure
3. Cloud Music Services Market Trends And Strategies
4. Cloud Music Services Market - Macro Economic Scenario
5. Cloud Music Services Market Size And Growth
…..
27. Cloud Music Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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