The global music streaming market has grown substantially last year, with Spotify and Apple being the top two players.
According to the latest estimated data shared by Counterpoint Research today, the global music streaming market increased by 32% year-on-year in 2019, and the number of subscribers reached 358 million.
Spotify ranked first with a 31% share and 35% subscription revenue, while Apple Music ranked second with a 19% share and 19% revenue. At the same time, the number of Apple Music subscribers increased by approximately 36% year-on-year.
Amazon, Tencent Music Entertainment Group and YouTube ranked 3 ~ 5.
Paid subscriptions account for more than 80% of the total revenue of streaming music platforms, and the rest comes from partners such as brand advertising and telecommunications companies.
The last time Apple shared subscription data about Apple Music was in June 2019 (reaching a milestone of 60 million paying users).
This number may be much higher now, but the company has not yet shared the latest data for 2020.
Counterpoint Research predicts that by the end of 2020, music streaming subscriptions will increase by more than 25% year-on-year to reach 450 million.