The global cloud mobile music services market is expected to grow at a compound annual growth rate (CAGR) of more than 7% from 2017-2021, according to Technavio’s (www.technavio.com) latest market research.

“Cloud-based online music enables listeners to move from the traditional way of owning music to a new model of 'anytime-anywhere' access to music. Moving from an ownership model to subscription and ad-supported music is likely to change the music preferences of consumers as they will experiment more with the new forms of music,” says Ishmeet Kaur, a lead enterprise application research expert from Technavio.

In 2016, the US and Canada were the key regions in the cloud mobile music services market in North America. Increasing number of mobile phone users, rising Internet penetration, and popular social media fueled the demand for cloud mobile music services in the region. In 2016, there was an increase in the demand for music streaming services in North America.

In 2016, South America recorded a high growth in the recorded music segment. Brazil and Argentina contributed significantly to the music industry in the region. The majority of the revenue is generated by the subscription services, video streaming, and download sales sectors. Since the launch of Spotify in 2014 and Deezer and Napster in 2013, the revenue from subscription services has risen significantly, according to Technavio.