Spotify still leads the music streaming space with a huge market share of 31 percent as of Q2 of 2021, a report by research firm MIDIA Research. MIDIA is a media and entertainment research and analysis agency that publishes data regarding the entertainment industry. There were 523.9 million paid music streaming subscribers from which Spotify takes one-third i.e., 162.4 million subscribers which is slightly different from what the company claims. In its Q2 2021 report, Spotify mentioned that they have 165 million paid subscribers.
Apple music has 78.6 million paid subscribers and a 15 percent market share while Amazon music and Tencent music came in third and fourth place with 13 percent market share and 68 million paid subscribers each. YouTube music came at fifth spot with 41.9 million paid subscribers and an 8 percent market share. All this data is from the Q2 of 2021 so there may be some change in subscribers and market share at the end of 2021.
The report published by MIDIA gives detail on how the biggest players in the music streaming industry are competing with each other’s to gain more paid subscribers and increase their revenue. Spotify which is the largest player among these services officially discloses its subscriber base at the end of each quarter. According to Spotify, they have 172 million paid subscribers and 381 million monthly active users by the end of October 2021.
On the other hand, Amazon and Apple did not officially disclose their paid subscriber’s numbers. The last data about these streaming services we have is from 2019 and 2020 which is compiled by the Music Ally. And As per Music Ally, Apple music had 60 million paid subscribers in 2019 and since then the company didn’t disclose its subscriber base. While Amazon music had 55 million paid subscribers in January 2020 since then they also didn’t disclose their exact subscribers.
The research firm also states that the music streaming space is continuously growing as there is an increase of 26.4 percent in paid subscribers as compared to the Q2 of 2020. Spotify is far ahead of Apple music in terms of market share but the company lost some market share to its competitors. The firm reported in Q2 of 2020 Swedish based streaming giant had a 33 percent market share which has fallen to 31 percent in Q2 of 2021 – a decrease of 2 percent in market share.
Amazon Music and YouTube music has shown impressive growth in Q2 of 2021 as compared to that of Q2 of 2020, with YouTube music adding 50% more subscribers compared to Q2 of 2020. Other streaming services such as Tencent, Yandex, and NetEast also show an impressive 37 percent combined growth. Most of their users are from Asian and emerging markets.
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