Spotify was the market leader with a 31 percent share of total revenue and a 35 percent share of total paid subscriptions, while Apple Music earned the second place slot with a 24 percent share of total revenues in the industry and a 19 percent share of the total paid subscriptions. Apple Music’s subscription base grew an estimated 36 percent year-over-year.
Amazon Music, YouTube Music, and Tencent Music all trailed both Apple Music and Spotify.
“Spotify maintained its top spot with the help of promotional activities like free Spotify Premium for three months, price cuts, customized campaigns like Spotify and a focus on exclusive content. Tech giants like Amazon, Apple, Google have started focusing on music streaming and have sufficient cash at their disposal to give stiff competition to Spotify. Apple Music is making improvements in its app like the introduction of night mode, curated playlists to target a group, etc. Similarly, Amazon Music has been trying lossless music and is creating its own niche where it competes with Tidal.”
More than 80 percent of total streaming music revenue came from paid subscriptions, while the rest came from advertisements and partnerships with brands and telcos.
Counterpoint Research believes that online streaming music subscriptions will grow more than 25 percent year-over-year to exceed 450 million subscriptions by the end of 2020.
Apple last shared specific Apple Music subscriber numbers in June 2019, announcing that the service had reached 60 million paid subscribers. That number is likely quite a bit higher now, but Apple has not shared new official subscriber totals in 2020.