Global music streaming continues to become more and more popular according to a Counterpoint research report. Streaming subscriptions increased 32% in 2019 compared with 2018, with a massive 358 million subscribers in place.
Spotify was the clear winner during 2019, accounting for 35% of the market.
Apple Music was in second spot at 19% and Amazon Music came in third at 15%. After that, it was a mish-mash of other streaming names including three owned by Tencent.
“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.”
It’s thought that 2020 will be another big year for the industry, with streaming subscriptions likely to increase by another 25%.
It’s not clear which companies will benefit the most, but with Apple Music and Spotify so far out in front of the competition, it’s unlikely that a new competitor will come out of nowhere.
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