Global Online Music Streaming market growth sees slowdown

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Global Online Music Streaming market growth sees slowdown
Global Online Music Streaming market growth sees slowdown

The revenues with respect to global online music streaming have seen a decline of two percent quarter on quarter but have nonetheless grown by 13 percent over the course of the last year at 6.7 billion USD. The fall with respect to the music streaming arrived after the sudden surge that had taken place earlier in the year – to which the coronavirus pandemic has been credited to.

In accordance with what a report coming in from Counterpoint Research suggests, the paid subscriptions for global online music streaming saw a growth by 29 percent year on year over the 35 percent which was actually seen just in the previous quarter. This is actually the first time that the revenues have seen a sequential decline, as the growth slowed down in the second quarter. Not only this, but experts have also suggested that advertisement revenues saw a dip due to the fact that many companies opted to cut expenditure in view of the Covd-19 pandemic.

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As far as the overall monthly active users go, Tencent Music as well as its subsidiaries in QQ Music, Kuwo, and also Kugoi led the way in terms of charts in Q2 of this year as they acquired a 26% share in the market. This was followed by Spotify as it managed a market share of 12 percent, while YouTube Music ended up being third – accounting for a market share equaling 10 percent.

As far as the case goes for the paid subscriptions, it was Spotify actually that led the way as the company managed to account for 34 percent market share. This was followed by Apple Music at 21 percent and Amazon Music : at 15 percent.

For those of you who are unaware, while various countries across the globe faced the huge problems that the coronavirus pandemic created, it was the online streaming market which actually remained unaffected. Instead actually, the industry actually saw a boom over the course of this period, as the number of paid subscribers as well as the overall user base both saw an increase.

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