According to a report issued by Midia Research, worldwide music streaming subscriptions increased by a healthy 26.4 per cent in the second quarter of 2021, reaching 521.3 million subscribers at the conclusion of that time, an increase of 109.5 million over the same period the previous year.
Spotify maintains that it is still the market leader by a significant margin, despite competition from other providers eating away at its market share.
According to Spotify’s statistics, the company owns 31 per cent of the worldwide music streaming market, more than double the share held by its nearest competitor Apple Music, which has 15 per cent. Amazon Music and Tencent Music each have a 13 per cent market share, while YouTube Music has an 8 per cent portion of worldwide subscriptions, according to the company.
It’s also worth noting that YouTube Music is the fastest growing service for the second year in a row, with an 8 per cent market share, making it the fastest-growing service in the world. It has been suggested by Midia’s Mark Mulligan that the reason for this is because the YouTube branding has been thoroughly and consistently implanted in the brains of Generation Z and younger Millennial customers, acting as the primary medium for their music consumption.
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Spotify has a larger percentage of the market than both Apple Music and Amazon Music combined, according to data from Nielsen. Spotify’s data also revealed that it continues to be the most popular streaming service, despite the fact that certain internet titans are attempting to compete with the company.
For its part, Apple Music’s performance in recent music subscription statistics suggests that the company has been swiftly accruing more members than it will have by the year 2020. Global streaming is on the rise, thanks in large part to Covid-19 boredom. On-demand audio streaming services such as Apple Music and Spotify had a 16.2 per cent increase in global revenue in 2020 compared to the previous year.
With Spotify attracting more members than any other service in the 12 months leading up to the middle of 2021, Midia’s Mark Mulligan commented that “there is no chance of Spotify losing its dominating position anytime soon.” Nonetheless, he added, “the erosion of its share is gradual and persistent,” pointing out that Spotify had a 33 per cent market share at the same time last year and a 34 per cent market share this year.
Research and analysis subscription service MIDiA Research is focused on the digital content economy and is one of a kind in the industry. Media and technology firms may benefit from their analyses, unique datasets, and practical recommendations, which can help them harness disruption and produce revenues from digital content. With price levels to accommodate all sizes of enterprises, their research service provides clients with market intelligence, analysis and complete data on the digital content industry, as well as forecasts for the future. They vary from typical analytic firms in that they challenge assumptions, are willing to think outside the box, and apply innovative solutions to digital disruption.
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