A new batch of research on the streaming music industry has revealed that there were 358 million paid music streaming memberships around the world in 2019, and Spotify is the largest player in the space.
That’s not to say it’s the best of the services or the fastest-growing, however. When Counterpoint Research analyzed all of the streaming services, it found Apple Music and Amazon Prime Music were both growing quickly as well.
Apple Music grew 36 percent due to Apple’s strong push in its services department, according to the report. That means it now holds 19 percent of the streaming market. Amazon only had 10 percent of the market share in 2018, but during 2019 it was able to bump that up to 15 percent, likely due to the sheer number of people using Amazon Prime and Alexa enabled smart speakers.
Still, Spotify is the star of the show with 35 percent of the market. Back in 2018 the service grew by 23 percent.
Notably, Tidal has no mentions, and YouTube Music only holds only six percent of the market share.
Between 2019 and 2020 the research firm expects the paid streaming industry to grow by 25 percent to 450 million people worldwide.?
What’s unclear in this research is what makes Spotify so popular. Is it something to do with its interface or its algorithms? It likely has a lot to do with the fact that Spotify was one of the first major music streaming platforms to launch in several countries around the world.
Source: Counterpoint Research
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