We know that lockdown during the pandemic has increased the number of different entertainment platforms. The reason for this phenomenon is that millions of people are looking for ways to cope with a difficult situation. But these weren’t just offerings for series, movies, and video games, but also music streaming. Interestingly, this last sector has not slowed down since the health crisis began.
As the months passed, the anomalous growth of services like Netflix began to slow down. However, this was an expected phenomenon by all, since most of the new subscribers fell on the most difficult months of the pandemic. Streaming music, on the other hand, has not stopped its exponential growth. Even in the last year, when the world seems to be starting to see the end of the crisis.
In 2022 alone, streaming music services added over 100 million subscribers, reaching a total of 967 million. Spotify said it has over 433 million subscribers worldwide. However, to everyone’s surprise, an additional 39.5 million users signed up in the first quarter of 2022. This amount clearly shows that market interest in Spotify, Apple Music and Amazon Music and other music streaming platforms, among others, has not waned.
Now, if we focus on the numbers of each service, we can highlight that Spotify maintains its dominance in this sector. Those led by Daniel Ek added 77 million subscribers between the first quarter of 2021 and the same period of 2022, thus becoming the streaming music platform with the most users. Of course, its market share has slightly decreased (up to 40%) due to being ahead of its main competitors.
In second place, in terms of market share, is Apple Music with 16%, followed by Amazon Music with 13%. The biggest surprise came in fourth place with Chinese giant Tencent up 13%. Google (YouTube Music), for its part, remains in fifth place with 8%. Beware, Midia’s analysis comes full circle, focusing on the fastest growing percentages. It is in this area that YouTube Music ranks first with 60%, followed by Tencent with 40% and Amazon with 27%. Unfortunately for Apple Music, they were 12% behind.
The firm says this is because Google has focused its efforts on emerging markets. Also, their target audience is Generation Z as they try to replicate the achievement that Spotify achieved among millennials a few years ago. There is no doubt that streaming music is in its prime, and the outlook for the rest of 2022 looks promising.
Streaming music services are growing exponentially since the pandemic. Spotify, for example, continues to add actors to its suite of audio options. If until now the Swedish company promoted the podcast, now it is the turn of the audiobook. Spotify has signed an agreement with Storytel, also a Swedish audiobook company.
With this announcement, Storytel’s audiobook streaming library will be available through the Spotify app. For Spotify, this deal with the audiobook business is very exciting. This means further strengthening its position in the growing audio streaming sector. In recent months, the Swedish multinational has been making deals to continue to lead the audio market across all its verticals.