But its market share declined in 2021...
The latest reports from MIDiA show that Spotify has the biggest market share in the global music streaming service.
The report also reveals the extent that music streaming is continuing to grow around the world.
The new report from MIDiA, an entertainment research firm, claims that "523.9 million people subscribed to a music streaming service globally as of the second quarter of 2021. This marks a 109.5 million (26.4%) increase since the previous year."
However, although Spotify remains the most-subscribed streaming service, owning 31% of the market, its dominance is very slowly decreasing — it held 33% of the market in 2020, and 34% in 2019, says the report.
According to the report, in 2021 Spotify grew by 20% but Amazon Music grew by 25%.
Moreover, Google’s YouTube Music grew by more than 50% over the year leading up to Q2 2021, making it the only Western streamer to have increased its overall share of the global market.
A pie chart shows the percent market share of music streamers: Spotify has 31%, Apple Music 15%, Amazon Music has 13%, Tencent has 13%, and Youtube Music has 8%.
Image Credits: MIDiA
This report only covers up to Q2 2021, it won’t show the impact of lossless audio coming to both Amazon and Apple in May.
