Global Music Streaming Subs Hit 600 Million
The number of people using music streaming services will reach 616.2 million by the end of 2022, according to a new report by Midia Research.
- Staff Reporter
The number of people using music streaming services will reach 616.2 million by the end of 2022, according to a new report by Midia Research.
This is up 17.6% from the 523.9 million global subscribers Midia counted at the same time in 2021 (see chart above).
It may not have been as significant a slowdown as many feared... especially amid this year's wider macroeconomic pressures... but the YoY subs growth margin (+92.3m) slowed compared to the same increase in the prior year (+109.5m).
China might be a factor: Tencent Music Entertainment (TME) overtook Amazon Music in Q4 2021, according to Midia.
As of Q2 2022, TME had 82.7 million subscribers, representing 13.4% of the global market.
Although Spotify's market share has steadily declined, it still holds a global share of music streaming subs (30.5%), down from 33.2% in 2018.
Analysts argue that Spotify’s market share decline “has much to do with the growth of the Chinese market (where Spotify does not operate)”.
Among Spotify's rivals in the music streaming market, Amazon Music has 82.2 million subscribers, while YouTube Music has 55.1 million.
Apple Music continues its long-term trend of underperformance, with an estimated 84.7 million subscribers registering 13.8% market share, down 1.2%.
