Spotify seems to still dominate the global music streaming market. The Swedish streaming platform has a 31% market share in the second quarter of 2021.
Based on data from Midia Research, a media and entertainment analysis company, during that period the total streaming platform subscribers reached 523.9 million. That means Spotify has around 162.4 million subscribers.
This figure is slightly lower than the official figure that Spotify reported in the second quarter of 2021 of 165 million. Meanwhile, the latest data announced by Spotify in October 2021 revealed the number of their paid subscribers was 172 million.
In second place is Apple Music with a market share of 15% and an estimated number of subscribers of 78.6 million. Amazon Music and Tencent Music share third place with 13% market share and 68.1 million subscribers.
YouTube Music is in fourth place with 8% market share and 41.9 million subscribers, followed by NetEase, Deezer, and Yandex, as quoted from The Verge, Sunday (23/1/2022).
Q2 2021 global music streaming marketPhoto: doc. Midia Research
Since these figures reflect market share and subscriber counts for the second quarter of 2021, it is likely that these numbers have changed by now. Midia Research said the data analysis process took a long time to make them have to use old data.
According to Midia data, the music streaming market is still growing and increasing to 26.4% in the second quarter of 2021.
Although Spotify's current position will not be overtaken anytime soon, the market share of the streaming platform led by Daniel Ek fell from 33% in Q2 2020 to 31% in Q2 2021.
Spotify's market share growth was overtaken by Amazon and YouTube Music, which recorded growth of 25% and 50%, respectively.
Since this figure reflects last year's second quarter data, it's likely that this data doesn't show the impact of lossless music streaming. Apple Music added spatial and lossless quality audio streaming features in June 2021.
Last year Spotify also announced that it would be bringing lossless audio called Spotify Hi-Fi to its platform. They plan to launch the feature in 2021, but until now the feature has not been released.
