As more users have now started relying on streaming services to consume music, the subscribers base in the market grew by more than 26 percent in Q2 2022 as compared to the same quarter last year. Among others, Spotify dominated the market and held onto its numero uno position with a really high market share. Apple’s music streaming service, Apple Music, came in second and its market share might come as a surprise to many
According to a recent market research report by MIDiA, Spotify holds a 31 percent market share in the music streaming industry. As for its fiercest competitor, Apple Music, followed right after and came in the second position with only a 15 percent market share. However, there are some underlying details in the report that you should know about.
Nonetheless, Spotify has been on the top for a long time now, and despite its decreasing market share, other companies are nowhere close to surpassing it in the near future, as per the report. The company has introduced several new features to improve its streaming service and help users discover new music. It is expected to further improve its platform to garner more users in the coming months. However, there’s one feature that seems to be MIA and that’s the Spotify HiFi, which will bring lossless audio support to the platform.
Other notable music streaming services include YouTube Music, which was the only music streaming platform that saw an increase in its global market share during the quarter. The report states that as Google’s streaming platform mostly resonates with the Gen-Z population and younger Millenials, the company was able to garner more users in the global market as compared to its rivals. YouTube Music had an 8 percent market share at the end of Q2 2022.
