Astudy released by Midia Research shows that worldwide music streaming subscriptions grew by a healthy 26.4% in the second quarter of 2021, standing at 521.3 million subscribers at the end of that period, an increase of 109.5 million from the year before.
Spotify is still the market leader by some distance, it says, despite rival services eating into its market share. Spotify, according to its numbers, controls 31% of the global music streaming market, more than double that of its nearest rival Apple Music which enjoys 15%. Amazon Music and Tencent Music each take a 13% market share, while YouTube Music accounts for 8% of global subscriptions.
It is also interesting to note that YouTube Music is the fastest growing service for the second year in a row now with an 8% market share. Mark Mulligan of Midia suggests the reason for this is that YouTube as a brand is deeply and habitually embedded in the minds of Gen Z and younger Millennial consumers, serving as the key platform for their music consumption.
Spotify has a bigger share of the market than Apple Music and Amazon Music combined. The numbers of Spotify further showed that it is still the most used streaming service even as some tech giants are trying to compete against it.
On the other hand, the performance of Apple Music in the recent music subscription data shows that it is rapidly amassing more users than in 2020. Global streaming is up, largely spurred by Covid-19 boredom. In 2020, on-demand audio streaming services like Apple Music and Spotify saw growth of 16.2% globally over 2019.
With Spotify adding more subscribers than any other service in the 12 months leading up to the middle of 2021, “there is no risk of Spotify losing its leading position anytime soon,” wrote Midia’s Mark Mulligan. But, he cautioned, “the erosion of its share is steady and persistent,” since Spotify had a 33% share at the same time a year before and 34% in 2019.
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