Spotify dominates the music streaming market, far outpacing rivals Apple Music and Amazon, according to a new report.
The streaming service controlled 31% of the market of 523.9 million subscribers, while Apple Music had 15% and Amazon Music and Tencent Music both had 13% in the second quarter of 2021, according to the company’s report. media analysis and Midia technology.
The number of music subscribers increased by 26% to 523.9 million between the second quarter of 2020 and the end of June 2021.
Spotify’s market share grew to 33% in the second quarter of 2020, and its growth was overtaken by Amazon Music — 25% versus 20%. But by far the biggest growth came from YouTube Music, growing 50% year-on-year.
YouTube resonates with a younger audience, which could pose a bigger challenge for Spotify as its subscriber base leans heavily on millennials.
Tencent Music Entertainment and NetEase Cloud Music together account for 18% of the global market share, although they are only available in China. Yandex, which is only available in Russia, doubled its subscriber base and captured 2% of the market.
The streaming market has become essential for expanding the fanbases of musicians and bands.
Country artist Houston Bernard said he relied heavily on them.
“You’re trying to get a good playlist, and you’re hoping publishers pick your song when you release it, and you’re hoping you’ll get [on] a good reading list,” Mr. Bernard said.
Given the significant cost of sending a song to radio stations, Bernard focused more on streaming.
“That’s where a lot of people listen to music. And I’m just trying to connect with more people and share my music with people,” Mr. Bernard said.
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