Apple has always proven to be the best in terms of products and services making it the world second biggest music streaming service
According to the data shared by Counterpoint Research, world online streaming subscriptions were up to 32% when compared to other years in 2019. This sums up to 358 million subscribers in 2019 alone.
Spotify was leading in the market with a 31% share of total revenue and a 35 percent share of total paid subscriptions. Apple takes its position in the second spot with a 24% percent share of total revenues and a 19 percent share of the total paid subscriptions.
This boosted Apple Music subscription to an estimate of 36% year-over-year (YOY). Year-over-year is a method of evaluating two or more measured events to compare the results at one period with those of a comparable period on an annualized basis. YOY comparisons are a popular and effective way to evaluate the financial performance of a company.
“Spotify maintained its top spot with the help of promotional activities like free Spotify Premium for three months, price cuts, customized campaigns like Spotify and a focus on exclusive content. Tech giants like Amazon, Apple, Google have started focusing on music streaming and have sufficient cash at their disposal to give stiff competition to Spotify. Apple Music is making improvements in its app like the introduction of night mode, curated playlists to target a group, etc. Similarly, Amazon Music has been trying lossless music and is creating its own niche where it competes with Tidal.” The Counterpoint report said.
Over 80% of the total streaming music revenue came from paid subscriptions, the other revenue came from advertisements and partnerships with brands and telcos. Counterpoint Research said it believes that online streaming music subscriptions will grow more than 25 percent year-over-year to exceed 450 million subscriptions by the end of 2020.