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Cloud Music Services Market Trends

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

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Cloud Music Services Market Trends

The exclusive features in music streaming applications are driving the cloud music services industry growth. Platforms are offering exclusive content & features to promote music with the music banner on top of the music platform. It creates a unique value proposition and allows users to explore the latest & diverse music options across the platform.

For instance, in September 2023, Spotify, a leading music streaming platform, launched showcase, a new feature that enables artists to promote their music directly on the platform's home feed. Through Showcase, artists can present individual songs or entire albums as mobile banners, specifically targeting listeners in 30 markets. This feature allows artists to pay for increased visibility & engagement, providing them with a valuable tool to reach a wider audience and enhance their presence on Spotify. These offerings attract subscribers, enhance user retention, and differentiate services in a 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.