Image credit: Midia Research
2020 saw 100 million new music streaming subscribers according to a recent report.
Music streaming has been on the rise over the past decade and is carving out its own place within the music industry, with each year it gets stronger. 2020 has been a bumper year for music subscriptions, with 93 million new subscribers across multiple streaming platforms. This brought the total to 400 million music subscribers in the first quarter of 2020, an increase of 30%.
Spotify has remained the standout platform with 32% market share, which has been the platform’s position for quite some time. This claims the dominance of the platform and its ability to resonate with its users, new and old. However, as the market becomes more competitive this may change as services like Amazon Music show impressive growth.
Apple Music came in strong in second place with 18% market share, however, this is down from 21% in the first quarter of 2019. Amazon Music follows closely in third with 14% market share. market, up 1% from last year. Tencent Music Entertainment is in fourth place with 11%, which is extremely impressive as its market is almost entirely made up of Chinese users. It boasts of the country’s growth and the demand for entertainment in the country. Tencent added 14 million subscribers in the second quarter of 2020, more than double the previous year, which had 6 million.
Google after a difficult start with YouTube Music is in fifth position with 6% market share, double the previous year. YouTube Music is also the fastest growing platform, according to a recent report, with its service primarily used by Gen Z.
In addition to this report, the MRC Data report also noted that streaming dominated the music market overall with a whopping 27.5 year-on-year increase. Both reports further tout the exponential growth of streaming as well as its dominance in the music industry, we are certainly entering the age of streaming.