Music streaming grows at a sustained pace and proves to be increasingly popular. As always, it is the numbers that decree the success of a market; in this case we are talking about 523.9 million subscribers to music streaming at the end of the second quarter of 2021.
The results are certified by a report by Midia Research, which also confirms how users have grown by 109.5 million years on year.
Musical Streaming, Market Share
Spotify remains the streaming service with the highest market share (31%), but it fell from 33% in the second quarter of 2020 and to 34% in the second quarter of 2019. With Apple Music in second place with a market share of 15%. Amazon Music has once again surpassed Spotify in terms of growth (25% compared to 20%), but the most resounding success story among Western DSPs was YouTube Music, for the second consecutive year.
The launch of YouTube Music was a turning point for Google in the music streaming industry (after Google Play Music’s poor fortunes), growing by over 50% in the 12 months. YouTube Music was the only Western DSP to increase global market share during this period. YouTube Music is very popular especially between Generation Z and the youngest Millenniums. A factor that should ring an alarm bell for Spotify, as its main subscriber base is starting to age.
The specific weight of emerging markets
But the increased growth of subscribers came from emerging markets. Among them, Tencent Music Entertainment (TME) and NetEase Cloud Music added 35.7 million subscribers in the 12 months before the second quarter of 2021. Together, they accounted for 18% of global market shares, although they were only available in China. Yandex, in Russia, is another highly growing service, having doubled its subscriber base and reaching 2% of the global market share.
Together, Yandex, TME and NetEase account for 20% of the subscribers’ market share, but drive 37% of all subscribers’ growth in the 12 months preceding the second quarter of 2021.