Image credit: Midia Research
2020 saw 100 million new new music streaming subscribers according to a recent report.
Music streaming has been on the uptick for the past decade and is carving out its own space within the music industry, each year it is growing in strength. 2020 was a stand-out year for music subscriptions, with 93 million new subscribers across multiple streaming platforms. This brought the total amount to 400 million music subscribers in Q1 2020, an increase of 30%.
Spotify remained the standout platform with 32% of the market share, which has been the position of the platform for some time. This boasts the platform’s domination and ability to resonate with its users, new and old. However, as the market becomes more competitive this may change, as services such as Amazon Music are showing impressive growth.
Apple Music came in strong at second place with 18% of the market share, however, this is down from 21% in Q1 2019. Amazon Music is hot on its heels coming in third with 14% of the market share, up 1% on last year. Tencent Music Entertainment takes fourth with 11%, which is wildly impressive due to its market being made up almost entirely of Chinese users. This boasts the countries growth and demand for entertainment in the country. Tencent added 14 million subscribers by Q2 in 2020 which is more than double the year previous, which saw 6 million.
Google after a shaky start with YouTube Music comes in fifth with 6% of the market share, double the year previous. YouTube Music is also the fastest growing platform, according to a recent report, with its service being used by mostly Gen Z.
In addition to this report, the MRC Data report also noted that streaming overall dominated the music market growing a whopping 27.5 YoY boost. Both reports further boast the exponential growth of streaming as well as its dominance in the music industry, we’re certainly entering the era of streaming.