Amazon Music was the quantity three participant within the phase, having elevated its market share to 15 % in 2019 from a mere 10 % the earlier yr. Tencent Music got here in at quantity 4, whereas YouTube Music was languishing within the fifth spot with simply 6 % of the worldwide market. Do observe that the info signifies the mixed market share of three audio streaming apps provided by Tencent, together with QQ Music, Kugou and Kuwo.
In India, Gaana continues to be the market chief, whereas Yandex Music is the quantity 1 participant in Russia. In the Arabic-speaking international locations within the center east and North Africa, Anghami retained its pole place. According to the report, the widespread thread that binds the worldwide gamers and the regional ones is the rise in unique content material. “It’s often exclusive content that drives paid subscription growth”, mentioned the report.
Overall, paid subscriptions was the one largest supply of revenue for the music streaming platforms, accounting for greater than eighty % of revenues. The relaxation got here from ads and partnerships with manufacturers and telcos. The sector is projected to develop greater than 25 perecnt YoY to exceed 450 million subscriptions by the tip of this yr.