The market for music streaming services is growing by leaps and bounds these days. a report by media, an entertainment firm, reports that 523.9 million people globally subscribed to the music streaming service at the end of the second quarter of 2021. This figure has increased by 109.5 million (26.4 percent) over the previous year. Once again, Spotify has emerged as the world’s largest music streaming service in Q2 2021. It has a market share of 31 percent, followed by Apple Music at 15 percent.
Notably, Spotify’s growth declined over the past year, but still topped the charts.
Amazon Music and the China-exclusive Tencent Music app are in third place with 13 percent market share. Notably, Google’s YouTube Music has a market share of 8 percent. However, it is the fastest growing service in the industry. According to the report, YouTube Music grew by more than 50 percent in the 12 months leading up to the second quarter of 2021. According to the report, “YouTube Music particularly resonates among Gen Z and younger Millennials, which should sound alarm bells for Spotify, as their main base of Millennial subscribers in the West since the 2010s is now getting older. ”
The report reveals that the Amazon Music streaming service has again overtaken Spotify in terms of growth as it grew at 25 percent compared to 20 percent last year. Based on the report, Spotify had just over 162.4 million subscribers, Apple Music had about 78.6 million subscribers, and Amazon Music and Tencent Music had over 68.1 million subscribers in the second quarter of 2021. YouTube Music had approximately 42 million subscribers globally. said quarter.
Last year, market leader Spotify announced the launch of Spotify Hi-Fi, which would offer CD-quality streaming and support lossless audio, something that its rival Apple Music has already embraced. Spotify made several announcements last year but focused mostly on podcasts. The pricing, availability, and features are yet to be revealed about Spotify Hi-Fi.
The Spotify post becomes the most used music streaming service globally, appears again on BGR India for the first time.