The music streaming services market is growing by leaps and bounds these days. A report by MIDia, an entertainment firm, reveals that 523.9 million people subscribed to a music streaming service globally at the end of Q2 2021. This figure has jumped by 109.5 million (26.4 percent) as compared to the previous year. Once again, Spotify has emerged as the largest music streaming service in the world in Q2 2021. It has 31 percent of the market share, followed by Apple Music with 15 percent. Also Read - Apple Music Student plan gets a price increase in India and other regions
Notably, the growth of Spotify declined as compared to last year, but still managed to top the charts. Also Read - Spotify is testing NFTs for select artists on the platform: How it works
Amazon Music and China-exclusive Tencent Music app share third place with a 13 percent market share. Notably, Google’s YouTube Music has an 8 percent market share. However, it is the fastest-growing service in the industry. As per the report, YouTube Music has grown by more than 50 percent in the 12 months leading up to Q2 2021. According to the report, “YouTube Music particularly resonates among Gen Z and younger Millennials, which should have alarm bells ringing for Spotify, as their core base of Millennial subscribers from the 2010s in the West are now beginning to age.” Also Read - Spotify Stations app to shut down from May 16
The report reveals that the Amazon Music streaming service has again out-performed Spotify in terms of growth as it grew to 25 percent as compared to 20 percent in last year. Based on the report, Spotify had just over 162.4 million subscribers, Apple Music had almost 78.6 million subscribers, and Amazon Music and Tencent Music at over 68.1 million subscribers each in the second quarter of 2021. YouTube Music had almost 42 million subscribers globally in the said quarter.
Last year, the market leader Spotify has announced to launch Spotify Hi-Fi, that will offer CD-quality streaming and support lossless audio, something that its rival Apple Music has already embraced. Spotify made several announcements last year but mostly focused on podcasts. It is yet to give out details on pricing, availability and features about Spotify Hi-Fi.