Counterpoint Research has released a report showing that global online music streaming grew 32% YoY, reaching 358 million subscriptions in 2019.
According to the report, the growth “is driven by the availability of exclusive content like podcasts, originals which attracted people towards the platform and eventually turned them as subscribers.” Promotional activities like price cuts in subscriptions in emerging markets and bundles offered by telcos also helped.
Online music streaming subscription is also expected to grow to more than 25% YoY with over 450 million subscriptions by the end of 2020.
When it comes to online music streaming services, Spotify maintained its top spot with a 35% market share in 2019. Apple Music comes next at 19%, followed by Amazon Music at 15%. YouTube music is at 6%.
More than 80% of music streaming revenue came from paid subscriptions. The rest came from advertisements and partnerships with brands and telcos. Therefore, increasing paid subscriptions is of prime importance for music streaming platforms.
