Spotify is Still The Biggest Music Streaming Service, with Declining Market Share

Spotify still remains the most-subscribed streaming service, owning 31% of the market, but its dominance is slowly decreasing — it held 33% of the market in 2020, and 34% in 2019. Spotify did add more total subscribers in the year leading up to Q2 2021 than its competitors, but while Spotify grew by 20%, Amazon Music grew by 25%.

The market share of Amazon Music and Apple Music may continue to grow — because this report only covers up to Q2 2021, it won’t show the impact of lossless audio coming to both Amazon and Apple in May. Nearly a year ago, Spotify teased that it would launch a high-end subscription called Spotify Hi-Fi, which would give subscribers their music in a “CD-quality, lossless audio format”. But Spotify still hasn’t said when this product might become available.

Credits: MIDiA

Music streaming is continuing to grow around the world. According to a new report from MIDiA, an entertainment research firm, 523.9 million people subscribed to a music streaming service globally as of the second quarter of 2021. This marks a 109.5 million (26.4%) increase since the previous year.

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