A recent study says, last year the global online music streaming subscription reached 358 million. It is a growth of 32%. As almost all the country people are at home for the coronavirus outbreak, the subscription market may grow up to 25% this year. Though, the companies’ promotional campaign, improvement in content, etc are also responsible for it.
In the Year-on-Year measure scale od 2019, Spotify leads the entire World market of online music streaming. It succeeded to secure a 31% share of the total revenue and a 35% share of the total paid subscription.
Apple Music comes in the second position with a 24% share of total revenue and a 19% share of paid subscriptions, followed by Amazon Music. Amazon Music grabbed a 15% share of subscriptions. YouTube music and Tencent Music received 6% and 11% of the revenue respectively.
Though the global music streaming platforms are trying to make their content better, offer price cuts for premium, and so on, the regional music platforms are very hard to beat in their area. Because they can provide the best local music content than global leaders. That’s the reason for the popularity of Gaana in India.
As the competition increases, the users may get more benefits for premium access. Especially in case of pricing. Hoping for a better market in Online Music Streaming.
Info Source – Counterpointresearch
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