Jan 21, 2022 16:00:00

The number of users of all-you-can-listen music in the world reached 523.9 million, up 26.4% from the previous year, Spotify 31%, Apple Music 15%, Amazon Music 13%.

Market research firm

MIDiA Research has released a market report for music subscription services in the second quarter of 2021. Spotify still has the largest market share, but its growth is declining and other services are catching up. From the graph, you can predict what is happening in the market and what will happen in the future.

Music market subscriber shares 2021 Growth is not letting up yet
https://www.midiaresearch.com/reports/music-market-subscriber-shares-2021-growth-is-not-letting-up-yet

Music subscriber market shares Q2 2021
https://www.midiaresearch.com/blog/music-subscriber-market-shares-q2-2021

Music subscription services have continued to grow exponentially in recent years, with 523.9 million subscribers across the market at the end of the second quarter of 2021. This is an increase of 109.5 million from the same period of the previous year, and it is said that it will grow by 26.4%. In addition, this growth rate is higher than the previous year, and it can be seen that the growth is accelerating year by year.

Of course, increasing subscribers and increasing revenue are not necessarily synonymous, but increasing paid subscription subscribers for digital service providers (DSPs) streaming services is a good sign of market evolution. I can say.

In the music subscription service market, Spotify has the largest share at 31%, followed by Apple Music at 15%, Amazon Music at 13%, Tecent Music at 13%, and YouTube Music at 8%.

Spotify boasts the largest market share, but it is declining, albeit little by little, as it was 34% in the second quarter of 2019 and 33% in the second quarter of 2020. Apple Music's share is 15%, which is a big difference from Spotify, so it seems unlikely that the rankings will change immediately, but it is expected that the difference will narrow in the future.

It's also worth noting that Spotify's growth rate is 20%, while Amazon Music's growth rate is 25%. And while Google was lagging behind in its music subscription service, its YouTube Music has grown by as much as 50% in the 12 months to the second quarter of 2021 and is expanding its global market share. YouTube Music is particularly popular with the younger generation, while the growing age of its major Spotify subscribers is also likely to impact its future market share.

It has also been pointed out that emerging markets such as Tencent Music Entertainment (TME) in China, NetEase Cloud Music and Yandex in Russia are booming. TME, NetEase, and Yandex subscribers together account for 20% of the total market, and are responsible for 37% of the total market subscriber growth in the 12 months to the second quarter of 2021.

Overall, MIDiA Research has shown that the music streaming services market is at a turning point as it matures and diversifies.