According to a new report from Midia Research, Spotify literally takes a third of all music subscribers with 162.4 million subscribers giving the streaming platform 31% market share globally.
Apple Music comes in second with 78.6 million subscribers while Amazon and Tencent drew third with 68 million subscribers.
Apple Music comes in second with 78.6 million subscribers while Amazon Music came in third tied up with Tencent Music having 68 million subscribers. YouTube Music rounds up the top five with 41.9 million subscribers.
As per the report, the music streaming market grew by 26.4%. In the 12 months leading to Q2 2021, Spotify added more subscribers when compared to the rest of the streaming platforms. Amazon Music grew by 25% while YouTube Music grew by 50%. Tencent Music Entertainment and NetEase Cloud Music added 35.7 million subscribers. Apple Music showed the slowest growth in comparison.
Subscriber numbers are expected to increase further now that most streaming platforms have launched new features including lossless and spatial audio streaming on Apple Music and Amazon Music HD with lossless being available to regular subscribers.
Spotify HiFi, the eagerly awaited lossless streaming has yet to be unveiled, almost a year later after it was announced.
The report adds that there is no risk of Spotify losing its leading position anytime soon even as subscribers. wait for this feature.
However, its market share will continue being eroded by fast-growing streaming platforms like YouTube Music and Amazon Music who have gained audience from Gen Z and younger millennials when compared to the ageing millennial subscriber crowd Spotify has.