The online music streaming services in the world enjoyed a good year in 2019, with the number of paid subscribers growing by 32% YoY, crossing 350 million. Driving this growth was exclusive content offerings like podcasts and originals, price cuts in subscriptions in emerging markets and bundled offers from telecommunication companies. The top three companies globally continue to be Spotify, Apple Music and Amazon Prime Music. Spotify claimed a share of 31% share of the total revenue and a 35% share of the total paid subscriptions while Apple Music's subscription base grew by 36% YoY. Amazon Prime Music accounted for 15% of market share in 2019, growing from the 10% it had in 2018. While global companies did well, regional companies did extremely well too. For example, Gaana remains at number one in India, Yandex Music topping in Russia, Anghani leading in the Arab countries and Tencent Music Group leads the Chinese market. Both global and regional companies are focussing on producing original content and podcasts as a way of keeping its customers as paid subscribers. This is largely due to the fact that 80% of music streaming revenue came from paid subscriptions. Commenting on the market, Research Analyst, Abhilash Kumar, said: Paid subscriptions grew ...
Monday 6 April 2020
Online music streaming services crossed 350 million subscribers in 2019, up 32% YoY: Report
The online music streaming services in the world enjoyed a good year in 2019, with the number of paid subscribers growing by 32% YoY, crossing 350 million. Driving this growth was exclusive content offerings like podcasts and originals, price cuts in subscriptions in emerging markets and bundled offers from telecommunication companies. The top three companies globally continue to be Spotify, Apple Music and Amazon Prime Music. Spotify claimed a share of 31% share of the total revenue and a 35% share of the total paid subscriptions while Apple Music's subscription base grew by 36% YoY. Amazon Prime Music accounted for 15% of market share in 2019, growing from the 10% it had in 2018. While global companies did well, regional companies did extremely well too. For example, Gaana remains at number one in India, Yandex Music topping in Russia, Anghani leading in the Arab countries and Tencent Music Group leads the Chinese market. Both global and regional companies are focussing on producing original content and podcasts as a way of keeping its customers as paid subscribers. This is largely due to the fact that 80% of music streaming revenue came from paid subscriptions. Commenting on the market, Research Analyst, Abhilash Kumar, said: Paid subscriptions grew ...
