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Cloud Music Services Market Share

Q: Why is the demand for cloud music streaming on the rise?

Why is the demand for cloud music streaming on the rise? Read More

Report ID: GMI6913
Published Date: Oct 2023
Report Format: PDF

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Cloud Music Services Market Share

Major companies operating in the cloud music services industry include:

Spotify AB
Apple Inc.
Amazon.com Inc.
YouTube Music
Dropbox
NetEase Inc.
Tencent Music Entertainment Group

Spotify AB and Apple Inc. are dominant players in the market due to their vast music catalogs, user-friendly apps, personalized playlists, offline listening options, and global reach. Spotify's free tier and Apple's ecosystem integration, along with consistent innovation, have attracted millions of users. Their brand recognition and exclusive content deals solidify their leadership in the highly competitive market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of the cloud music services reached USD 14.1 billion in 2022 and is set to grow at over 10.5% CAGR between 2023 and 2032, due to ease of accessibility to vast library of songs & playlists.

Why is the demand for cloud music streaming on the rise?

The mobile devices platform segment accounted for over 60% of the cloud music services industry share in 2022, attributed to the surging need for offering intuitive interfaces that simplify music discovery and playback.

North America garnered 30% of the market share in 2022, driven by strategic alliances with telecommunication giants, entertainment platforms, and device manufacturers.