Worldwide music streaming services now have more than half a billion subscribers. This is according to a report by the research agency Midia Research. It should be noted, however, that strong growth can be recorded, especially in emerging markets.
Midia Research calculated that there were 523.9 million paying users of music streams worldwide at the end of the second quarter of last year. That represented an increase of 26.4 percent compared to the same time the year before.
Spotify remained the global market leader with 162.4 million paying subscribers. Midia noted that the market share of that company has fallen from 33 percent to 31 percent in one year. Apple Music came in second with 78 million users, a market share of 15 percent.
This is followed by Amazon Music and Tencent Music (13 percent), YouTube Music (8 percent), NetEase (6 percent) and Yandex and Deezer (2 percent).
Midia did point out that YouTube manifested itself as the fastest growing party on the market. The platform managed to grow its customer base by about 50 percent in one year to 41.9 million subscribers.
According to the analysts, this increasing market share is mainly due to the strong popularity that YouTube Music enjoys among the younger audience.
The researchers emphasized that YouTube is the only Western streaming service that has been able to report an increase in the number of subscriptions. Mark Mulligan, CEO of Midia Research, emphasizes that a large part of the further growth will be realized in the emerging markets.
He points out that the Russian platform Yandex and its Chinese peers Tencent and NetEase have recorded a joint growth of 37 percent in the report.
In four years’ time, these emerging markets will represent the majority of streaming services’ global customer base, Mulligan said. He adds that this evolution will have a major impact on the music world.
“After all, musicians from these regions will be able to count on a large fan base,” he says. “This will also allow them to count on greater attention from the industry and give them more room in the portfolios.”