Technology Paid music streaming grew by a third in 2019

Paid music streaming grew by a third in 2019

Regional providers such as Yandex Music can assert themselves against international competition in their respective home markets. (Photo: Shutterstock)

04/07/2020, 01:28 AM
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Music streaming services worldwide sold 358 million paid subscriptions in 2019. This corresponds to an increase of 32 percent. Spotify remains the market leader, but the competition has also increased significantly.

The music streaming industry also grew strongly last year. Worldwide, providers saw an increase of 32 percent. This emerges from a report by the market research company Counterpoint. Market leader Spotify saw a 23 percent increase in subscription numbers. The Swedish company thus accounted for 35 percent of all paid music streaming subscriptions. Spotify’s share of total industry sales is 31 percent, according to Counterpoint.

However, the competition was able to catch up: Apple’s subscription numbers rose by 36 percent in 2019. This now accounts for 19 percent of all music streaming subscriptions and 24 percent of sales on Apple Music. Amazon Music in turn had a 15 percent market share in 2019. In the previous year, the Amazon service had a market share of ten percent. Subscriptions remain the most important source of income for the industry: 80 percent of all sales are generated through paid memberships.

Despite the dominance of global providers: regional streaming services very successful in their respective markets

While the major international music streaming services dominate in the United States and Europe, some regional providers can successfully hold the top in their respective markets. According to Counterpoint, the provider Gaana, for example, remains the market leader in India and in Russia Yandex Music is at the top. Anghami is the major player in the Arab world and the Chinese market is dominated by Tencent’s music streaming offerings.

Counterpoint attributes the success of the regional providers to, among other things, their focus on local content. Providers like Tencent and Yandex also have an extremely large reach in their respective home markets and can therefore advertise their music streaming offers effectively.

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