According to a new study by Counterpoint Research, online steaming has grown 32 percent year-over-year, reaching 358 million subscribers.
The two leading platforms are Spotify with 35 percent and Apple Music, with 19 percent. Amazon Music is third with 15 percent of market share.
Paid subscriptions represented 80 percent of total revenue, with advertising and brand partnerships rounding out the remaining 20 percent.
“… people are ready to pay for music streaming for a hassle-free experience,” said Research Analyst, Abhilash Kumar. “However, this is not completely user-driven. Music streaming platforms are following a two-step approach to gain subscribers, first registering them to their platform as free users by means of excellent advertising campaigns and secondly pitching them with attractive offers to transfer them to become paying subscribers.”
With the COVID-19 crisis, Kumar said they are expecting growth in streaming platforms to slow slightly to 25 percent year-over-year growth with people returning to access news on TV and radio. They are estimating a record 450 million in online streaming subscriptions by the start of 2021.
#LUDWIGVAN
Want more updates on classical music and opera news and reviews? Follow us on Facebook, Instagram or Twitter for all the latest.
- THE SCOOP | Royal Conservatory’s Dr. Peter Simon Awarded The Order Of Ontario - January 2, 2024
- THE SCOOP | Order of Canada Appointees Announced, Including Big Names From The Arts - December 29, 2023
- Ludwig Van Is Being Acquired By ZoomerMedia - June 12, 2023
