The latest research report from Counterpoint Research shows that the global streaming music subscription service has increased by 32% year-on-year, and the total number of users has exceeded 358 million.
According to Counterpoint Research, Data show that Spotify is still the world’s first, with 31% of global revenue and 35% of global paid subscribers. Apple Music has achieved 19% of subscribers, becoming the second after Spotify, then with 15% we find Amazon Music in the third-place. Apple announced earlier that the number of paying users in June 2019 has reached 60 million.
Counterpoint Research believes that there will still be 25% room for growth in streaming music this year, and global users are expected to exceed 450 million.
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Commenting on the overall market, Research Analyst, Abhilash Kumar; said, “Paid subscriptions grew 32% YoY compared to 23% YoY growth of total MAUs. This suggests people are ready to pay for music streaming for a hassle-free experience. However, this is not completely user-driven. Music streaming platforms are following a two-step approach to gain subscribers, first registering them to their platform as free users by means of excellent advertising campaigns and secondly pitching them with attractive offers to transfer them to become paying subscribers.”
Talking about the top performers, Kumar added, “Spotify maintained its top spot with the help of promotional activities like free Spotify Premium for three months, price cuts, customized campaigns like Spotify and a focus on exclusive content. Tech giants like Amazon, Apple, Google have started focusing on music streaming and have sufficient cash at their disposal to give stiff competition to Spotify. Apple Music is making improvements in its app like the introduction of night mode, curated playlists to target a group, etc. Similarly, Amazon Music has been trying lossless music and is creating its own niche where it competes with Tidal.”