In numbers of subscribers worldwide, streaming audio totaled 358 million, registering an increase of 23% compared to the previous year (2018). As a result, Spotify reached a 35% market share and corresponded to 31% of total market revenue.
Apple Music, on the other hand, increased its vice-leadership by growing 36%, above the average number, conquering 19% of the market. Next is Amazon Music, with 15% of the total. A curious fact is that if the sum of both (34%) is still behind Spotify, thus showing the strength of the first place.
|(Image: Counterpoint Research)|
Spotify maintained its first place with the help of promotional activities like Spotify Premium free for three months, price reductions, personalized campaigns like Spotify and a focus on exclusive content. Technology giants such as Amazon, Apple and Google have started to focus on music streaming and have enough money at their disposal to give Spotify strong competition, ”says Abhilash Kumar, research analyst at Counterpoint.
It is worth mentioning that although these players lead the global market, in certain regions the scenario is completely different. In Russia, for example, Yandex Music leads the way, in India Gaana is preferred by users and in China Tencent Music Group with its brands QQ Music, Kugou and Kuwo dominates the list.
Coronavirus should impact the streaming market in 2020
Corroborating the growth in the number of live streams on social networks due to the outbreak of COVID-19, the streaming market should also follow the same trend. According to Counterpoint, the number of subscribers to both video and music platforms points to an increase of more than 25%.
Thus, if the forecasts come true, the total number of paid subscribers should exceed 450 million worldwide.
Source: Counterpoint Research