YouTube Music is Fastest Growing Streaming Platform, Report Says
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The recent report from Midia Research revealed that YouTube Music is the fastest growing subscription streaming platform.
Recently, Midia Research released a report detailing the latest estimates of the global music streaming subscription market size, with numbers as of the end of the first quarter of 2021.
Streaming services such as Spotify dominated with around 159 subscribers at the end of March, giving it a 32% share of the 487 million music subscribers worldwide. Next is Apple Music’s 16% market share (roughly 77.9 million subscribers), Amazon Music’s 13% share (63.3 million) and the same rounded 13% share of Tencent Music. (which has around 60.9 million users).
However, it is YouTube Music, fifth, which shows the most promise with subscription growth of 60% in 2020. The service now has an 8% market share in the first quarter of this year with 39 million subscribers. This is a staggering increase as the company announced at the end of the third quarter of 2020 that it had 30 million subscribers.
Speaking on the growth of YouTube Music, Mark Mulligan of Midia Research said: “Google’s YouTube Music has been the remarkable story of the music subscriber market over the past two years, resonating across many emerging markets at the same time. and to younger audiences around the world. ”Adding:“ The first signs are that YouTube Music is becoming for Gen Z what Spotify was for millennials half a decade ago. ”
However, platforms like TikTok are starting to make companies like YouTube a little nervous, as such they are directly trying to tackle the abbreviated video app. YouTube recently discontinued its YouTube shorts, which are now available in over 100 countries. It is certainly an interesting time in the history of music with signs of incredible growth.