Can we create seprate Apple ID for our each iOS device but share the same media library?
Yes. Log in to the Apple ID that you want to use for iTunes and the App Store in the iTunes &amp; App Store section of settings, then log in to the individual Apple ID for the iCloud account. These will be kept separate and allow individual iCloud accounts but a shared iTunes Apple ID.

Also, with the upcoming iOS 8, you can use Family Sharing.