The global music streaming market grew 32% year-on-year in 2019, with 358 million subscribers, according to the latest estimates shared today by Point Research. Spofity leads with 31% of subscription revenue and 35% subscription fee revenue, while Apple Music ranks second with 19% and 19% revenue. At the same time, Apple Music’s subscribers grew by about 36% year-on-year.
Amazon, Tencent Music entertainment group and YouTube ranked 3-5
Paid subscriptions account for more than 80% of the total revenue of streaming music platforms, with the rest coming from brands such as advertising and telecomcompanies.
The last time Apple shared subscription data about Apple Music was in June 2019, a milestone for 60 million paying users.
That number may be much higher now, but the company has yet to share the latest figures for 2020.
Point Research expects music streaming subscriptions to grow more than 25 percent year-on-year to 450 million by the end of 2020.