Global Online Music streaming market growth slows down in Q2 2020

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Global Online Music streaming market growth slows down in Q2 2020
Global Online Music streaming market growth slows down in Q2 2020

The global online music streaming revenues have seen a decline of two percent quarter on quarter but has seen growth of 13 percent over the course of the last year at 6.7 billion dollars. The fall that has been seen in the music streaming world arrived after the sudden surge which was seen earlier in the year due to the coronavirus pandemic.

In accordance with what a report has to say, the paid subscriptions for online music streaming services grew by 29 percent year on year over 35 percent in the previous quarter. It was claimed by an expert that : “The growth slowed down in the second quarter and, for the first time, the revenues declined sequentially. There are a couple of reasons for the same. Also, the advertisement revenues saw a dip since many companies opted to cut expenditure in view of the Covd-19 pandemic. However, podcasts related to different genres were able to keep people glued, offsetting some of the decline.”

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As far as overall monthly users go, Tencent Music, along with its subsidies QQ Music, Kuwo and Kugoi led the charts in Q2 2020 as they managed a market share of 26 percent, followed by Spotify and YouTube Music, both of whom managed a market share of 12 and 10 percent respectively. However, it was Spotify that led the paid subscriptions number with a market share of 34 percent followed by Apple Music at 21 percent and Amazon Music at 15 percent.

For those unaware, while various nations, economies and industries faced the impacts of the pandemic and witnessed subsequent lockdowns, the online streaming market remained unaffected. In fact, the industry actually saw a boom during this time – in both paid subscriptions and overall userbase as more and more people stayed inside. This surge though has already started to decline, and is likely to continue in the very same direction.

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