The global online music streaming revenues have seen a decline of two percent quarter on quarter, however, have seen growth by 13 percent over the course of the past year – being at $6.7 billion. The fall that is seen in the world of music streaming makes its way after the sudden surge which was witnessed earlier in the year as a result of the coronavirus pandemic.
In accordance with a report coming in from counterpoint research, the paid subscriptions for online music streaming saw a growth by 29 percent year on year over the 35 percent which was actually seen in the previous quarter. A research analyst proceeded on to claim that : “The growth slowed down in the second quarter and, for the first tome. 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 cup 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 the case for the overall monthly active users goes, Tencent Music along with its subsidiaries QQ Music, Kuwo and Kugoi proceeded on to lead the charts, leading the way with a 26 percent share. This was followed by Spotify, as it cemented a 12 percent share, and YouTube music wasn’t too far off either – cementing a ten percent market share. Regardless of this, Spotify actually led the paid subscriptions numbers and the company enjoyed a 34 percent market share in this particular regard. This was followed by Apple Music at 21 percent and Amazon Music at 15 percent.
All in all though, the boom that was seen in the music streaming world was bound to see downfall due to the fact that the boom realized was immense as it was and many like many thought so initially, it was not sustainable. This factor of course has proven out to be true.