Counterpoint: Music streaming market grows 32% in 2019, Spotify still on top
Last year was a good year for the music streaming business. The whole market grew about 32% year-over-year while Spotify and Apple Music are still leading the pack. According to the research by Counterpoint, Apple’s music subscriber count grew 36%, grabbing 19% of the market.
Spotify’s numbers also grew 23%, capturing an impressive 35% market share last year and even accounting for 31% of the total market revenue in the industry. The third place is taken by Amazon’s streaming service reaching 15% while YouTube Music is dragging behind with just 6% of the total premium subscribers.
Market analysts believe that Apple’s success is due to the constant improvement of the service and continues to snatch subscribers from Spotify while the latter’s focus on exclusive content and promotional deals have also resulted in significant growth.
Counterpoint believes that the trend will continue throughout 2020 and subscribers will grow more than 25% due to the COVID-19 outbreak. If the predictions are correct, the total number of paid subscribers worldwide will go beyond 450 million.