Spotify has long since ceased to be the streaming music service that everyone turns to when they want to listen to their favorite songs and artists. Today there are more similar platforms than ever, so users have more options to choose the one that best suits their preferences and needs.
Google has YouTube Music, and Amazon has Amazon Music, which works especially well on the company’s smart speakers and streaming devices (though Apple Music can also be configured on them). It is the latter, Apple Music, which has grown the most since its launch in June 2015, because it is completely integrated in the products of the bitten apple.
It is a fact that the way of consuming music has changed. Fewer and fewer people buy physical CDs or albums and songs in digital format from stores like iTunes. Proof of this is that the market for streaming music subscription services has grown by 32% in 2019 compared to the previous year. According to Counterpoint Research figures, 358 million subscribers have been reached.
Spotify remains the leader, with Apple Music second
Swedish Spotify continues to be the benchmark streaming music service on the market. The year ended with 31% of total revenue, and 35% of total paid subscriptions. Apple’s proposal, Apple Music, ranked second with 24% of total revenue and 19% of total paid subscribers. Subscriptions to Apple Music are estimated to have grown 26% over the previous year.
At Counterpoint Research they claim that Spotify took first place thanks to three-month free Premium account promotions, price cuts, personalized campaigns and exclusive content. However, they assure that Giants like Amazon, Apple and Google have enough money to offer tough resistance against the Nordic option.
More than 80% of the income came from paid subscriptions, while the rest was from advertisements and alliances with brands and telemarketers. Analysts believe that by the end of 2020 there will be 450 million subscribers.
Track | MacRumors
Image | Unsplash