Consultancy firm Midia Research has published its latest estimates for the size of the global music subscriptions market, although the caveat for that ‘latest’ is that they are for the end of June 2021. Still, it’s a very useful snapshot of the market, with the company estimating that Spotify accounted for 31% of the world’s 523.9 million streaming music subscribers, ahead of Apple Music (15%), Amazon Music and Tencent Music (both 13%) and YouTube Music (8%).
Spotify’s market share has been falling according to Midia: from 34% in Q2 2019 and 33% in Q2 2020. “There is no risk of Spotify losing its leading position anytime soon – but the erosion of its share is steady and persistent,” was its verdict.
YouTube Music was the fastest growing western DSP, with its subscribers up by more than 50% in the year to the end of Q2 2021. “But the biggest subscriber growth came from emerging markets,” noted Midia, citing Tencent Music and NetEase Cloud Music in China and Yandex in Russia, who drove 37% of all subscriber growth in that year-long period.