The global music streaming market is not just growing at an incredible rate. He conquers new territories, opens up new countries, signs hundreds of millions of music lovers. The undisputed leaders have already emerged in this market. Music industry experts argue that the music streaming market is still very, very far away from filling the market, so growth will continue, and the competition for users, accordingly, will get tougher.
The Swedish streaming service Spotify is now called the green music monster. It is he who is not on the top step of the pedestal, holding this place of honor for several years in a row. Back in 2020, the service announced 150 million paying subscribers, and its market share, according to experts, in 2022 was 31%. The service has a free version on an ongoing basis, which makes it very attractive to users. A premium subscription will be able to provide the maximum set of functions. At the end of 2021, the service capitalization exceeded $ 60 billion.
Music streaming platform Apple Music began to conquer the market in 2015. Surprisingly enough, the service has managed to climb into the # 2 best streaming service over the years. The service offers round-the-clock radio broadcasting, as well as the ability to download tracks to your device and transfer them between your other devices. Apple Music also has a kind of social network where users can follow their favorite artists. According to experts, Apple Music has about 24% of the global streaming market at the end of 2021.
As for payment, the company offers a flexible system of individual plans. So, for schoolchildren and students, you can get a paid account for almost mere pennies. In addition, there is a dedicated family plan that allows you to add up to six family members. Apple Music is now available in many countries, which compensates for the lack of some functionality.
Amazon Music, which has only recently surfaced among music lovers, has climbed into third place on the podium today with nearly 43 million paying subscribers. In 2021, it grabbed 3% of the global streaming market, holding only 15%. Streaming services have simply turned the music industry upside down. If earlier we all stood in kilometer-long queues for a new record / cassette / disc of our favorite artist, today it is enough to sit down at your PC or smartphone, go to the Internet and enjoy your favorite music in a few clicks. And to a significant extent, this convenience is facilitated by the large number of streaming services. Thanks to them, you can listen to your favorite music and not worry that it takes up all the space on your device. Plus, you can even use someone else’s device. All you need is just an account on the service, a browser and an Internet connection.