Zing MP3 is Vietnam’s leading homegrown music service, and now its parent company VNG is going public in the US. That means a regulatory filing with its financial data, including some figures for Zing MP3.
“In the second quarter of 2023, Zing MP3 had 28.7 million MAU [monthly active users] and included songs from Sony and Universal’s music libraries,” explains the filing, asserting that Zing MP3 is “the number one music streaming platform” in Vietnam.
28.7 million active users sounds impressive, given that Vietnam’s population is expected to reach 100 million this year.
That said, the filing reveals that Zing MP3’s user base had a bit of a wobble in recent years. Its MAUs fell from 30.5 million in 2020 to 29.1 million in 2021, and 26.6 million in 2022, although that means the current figure is a partial recovery.
Vietnam was the 48th biggest recorded-music market in the world in 2022 according to the IFPI’s Global Music Report, with 98.5% of its $23m revenues coming from streaming. Global services Spotify, Apple Music and Deezer are Zing MP3’s biggest rivals there.
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