The study highlights that ‘SPOTIFY’ continues to be the market leader by a distance despite rival services emerging and eating up its market share. Spotify controls 31% of the global music streaming market, which is more than double of the number 2 in the list, Apple Music which has a 15% share. ALSO READ: [Exclusive] Realme 9 Pro Plus Specs and Renders Revealed; Dimensity 920 SoC, Camera details, and more ALSO READ: Samsung teases unpacked event in February to launch Galaxy S22 Series with ‘Note’ like features YouTube Music which is in 5th place has about 41.9 million subscribers to its credit. Though it accounts for only 8% of the market share, YouTube Music is the fastest growing service for the 2nd time in a row. Mark Mulligan of Midia suggests that the reason behind it is that YouTube as a brand is deeply embedded in the minds of the people, especially younger millennial consumers. It has become a habit for some people and serves as a key platform for music and other kinds of video consumption. If we talk about Apple Music, its performance has also improved in 2021. Global streaming has risen, partly due to pandemic boredom. In the year 2020, Spotify and Apple Music saw a growth of 16.2% globally over 2019. ALSO READ: How to combine your Spotify Playlists ALSO READ: What is Spotify Wrapped 2021 and How to get it? However, with Spotify adding more subscribers than any other streaming service in the last 12 months up to the middle of 2021, “there is no risk of Spotify losing its leading position anytime soon,” claimed Midia’s Mark Mulligan. However, he also cautioned about the erosion of Spotify’s share as it had a 33% share at the same time a year before and 34% in 2019.
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