Music streaming is a way of delivering music in real-time, without requiring you to download files from the internet. The way the streaming process works is that the audio file is delivered in small packets so the data is buffered on a device and played pretty much straight away. Music streaming providers such as Spotify, Apple Music, Amazon Music, and Pandora, use this method to provide songs that can be enjoyed on different types of devices. Music Streaming services can be used for free with limited access and advertising, and can also offer unlimited access to their content libraries for a monthly subscription fee (without any advertising). Music streaming music services market share accounted for 80% of all recorded music revenues in 2019, growing 20% over the previous year. Music streaming services reached 358 million paid subscribers in 2019, and they are projected to have 450 million paid subscribers at the end of 2020. Spotify is a leader in Music Streaming market share with 271 million users in 2019.
Music Streaming growth is driven by the growth in internet penetration, the increasing volume of smart devices sold, and a growing number of users willing to pay for music on demand. Paid subscriptions are driving the growth mainly due to a more robust offering added in recent years like podcasts, music videos, and lyrics, which led to more people willing to pay for a subscription. Music streaming music services market share had 80% of all recorded music revenues in 2019, with paid subscriptions accounting for 93% of all music streaming revenue growth.
Music Streaming is a Mature market composed of a few large competitors and many small competitors. The main 3 music streaming service providers concentrate 67% of the music streaming market share. Spotify market share was 36% of the Music Streaming market in 2019. Spotify market share is the largest in sales and subscribers count. At the end of 2019, Spotify had 271 million users, including 124 million premium subscribers and 153 million ad-supporters listeners (free). Apple Music market share was 18% of the market in 2019. Apple Music has the second largest music streaming services market share in sales and subscribers. In the middle of 2019, Apple Music had 60 million subscribers. Amazon Music market share was 13% of the Music Streaming market in 2019. Amazon Music is growing fast in music streaming services market share, both in sales and subscribers. At the end of 2019, Amazon Music had 55 million subscribers. Tencent market share was 10% of the Music Streaming market in 2019. Tencent has 3 different music streaming services. At the end of September 2019, Tencent had 661 million mobile monthly active users, including 35.4 million paying subscribers.
T4's research team can help you learn more about the Music Streaming industry with market analysis, competitive landscape analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Music Streaming market, including Spotify, Apple Music, Amazon, Tencent, Google, Deezer, Pandora, MelON; research into related topics such as Streaming Services, Video Streaming Services, Connected Devices, Smart Speakers, Smartphones, Tablets, Laptops, Internet of Things, Headphones, Voice Assistants, Smart Home; or additional support in the Music Streaming Sector or other Sectors. Find more information about T4's services here.Schedule a Demo