The Internet has made our choice much more difficult. The question is no longer where to find great music content, but which of the many music streaming services is best for you. Free music streaming is an avalanche that has covered the entire planet.
In recent years, the music streaming market has grown at an incredibly fast pace. In 2021, when the whole world seemed to go online, the number of paid subscribers to streaming music services alone grew by a third. Streaming music services provide an incredible opportunity for easy, fast, convenient and relatively inexpensive access to legal music content. Streaming music has practically replaced the traditional ways of listening to your favorite music.
Spotif has been called the undisputed leader among streaming music services for several years in a row, announcing 150 million paying subscribers worldwide in early 2021. At the end of 2021, Spotify held over 31% of the global streaming music market. The Swedish green music monster is estimated at $ 60 billion.
In second place in the world is Apple Music, it boasts 70 million subscribers and 24% of the global market. The application seeks to catch up with the world market leader, but it has not yet succeeded. Perth The main reason for this failure, according to experts, is the lack of a permanent free version of this application.
In third place is Amazon Music, which today has 42 million subscribers and almost 15% of the global market. In 2021 alone, this service made a huge leap forward in increasing the number of subscribers, and its share in the global market increased by 3%.
Further, the top five include: the Chinese streaming service Tencent Music with 11% of the global streaming market and You Tube Music, which has a 6% share. The rest of the streaming services only account for 13% of the global market.
Experts are confident that in the foreseeable future, the annual growth of paid subscribers to streaming music services will be at least 25%, the struggle for them will be more and more fierce, as will the competition in the market itself.
Separately, it must be said about regional music streaming services. For example, the market share estimate for Tencent Music is relative as many of the world’s well-known music streaming services do not operate in China. And the country’s population has long exceeded one and a half billion people. A similar situation is observed in India, which also has its own local favorites of music streaming.
When it comes to music in FLAC quality, Tidal and Deezer are leading in this segment. They occupy an insignificant share of the global streaming music market, but at the same time they are especially popular with high-quality music lovers who, as a rule, listen to it on high-quality audio equipment.