The demand for online music streaming services has grown rapidly with data becoming faster and affordable. The services can be accessed from multiple platforms such as smartphones, PCs, and even smart speakers. But what is interesting is that the number of paid subscriptions is also growing. According to the latest findings from Counterpoint Research, global online music streaming grew 32% YoY, with paid subscriptions crossing 350 million in 2019.
Spotify leads the paid subscription market with a share of 35%, followed by Apple Music with a share of 19%. Amazon Music takes the third spot with a market share of 15%, followed by Tencent Music, YouTube Music, and others. Some factors driving global online music streaming services include exclusive content like originals and podcasts.
In the latest episode of “The Counterpoint Podcast” host Maurice Klaehne and research analyst, Abhilash Kumar discuss the factors that are driving the growth of music streaming services. The discussion also covers strategies that are helping music streaming providers gain more subscribers in the emerging markets. We have also touched upon topics like COVID-19 and how it is impacting the music streaming platforms. Lastly, Abhilash also shares his thoughts on Apple Music expansion in 52 new countries, and our growth expectations in 2020.