Global online music streaming revenue fell 2% from the previous quarter, but was up 13% from the same period last year to $6.7 billion. According to Counterpoint Research, paid subscriptions to online music streams grew 29% year-over-year, compared with a 35% increase in the previous quarter. Research analyst Abhilash Kumar said: “Growth slowed in the second quarter and revenue fell for the first time month-on-month. “
Tencent Music and its subsidiary QQ Music, Cool Me and Cool Dog topped the list with 26% of monthly active users in the second quarter of 2020, followed by Spotify and YouTube Music with 12% and 10% respectively. However, Spotify leads paid subscribers with 34% market share, followed by Apple Music with 21% and Amazon Music with 15%.
While countries, economies and industries are facing the effects of the new coronavirus epidemic and subsequent closures, the online streaming market remains unaffected. Instead, the industry has seen growth in both paid subscribers and the overall user base as people stay indoors more. However, this surge has begun to decline quarter by quarter and is expected to reach its previous level in the fourth quarter of 2020.