There is a constant growth in streaming music as competition between Apple Music and Spotify. As per the new report from Apple Music subscribers, there is an increase of 36% and Apple gained a 19% share of the total paid subscriptions in the music streaming industry.
Apple Music considered holding a 24% share of total revenues in the industry as against 35% of total paid subscriptions and 31% of total revenue gained by Spotify. For the streaming music industry, it was a boom as the subscription industry grew 32% year-on-year reaching 358 million subscriptions totally.
Also, the e-commerce legend Amazon Music (Amazon Prime Music) subscriptions reached a 15% total paid among the other music industries for the first time ever since 2018 with an increase of whopping 10%. Apple could see a spike in its subscription due to its improvement in its music experience drive users from Spotify. On the other hand, Spotify mainly focuses on providing extended promotional and exclusive content deals which are helping its growth.
Spotify is fighting this game with the help of promotional activities offering free Spotify Premium for three months, price cuts, and a focus on exclusive content like the podcast addition to its user. Tech giants like Apple, Google, and Amazon have been focusing more on music streaming and they have sufficient cash flow at their disposal to give hard competition to Spotify.
Apple Music is making a lot of improvements in its app like night mode is one among the stunning feature, selected playlists to a targeted group, etc. However lossless music compression is what Amazon Music has been trying to focus on and creating its own niche user base to fight with Tidal.
The online music streaming expects to grow more than 25% year-over-year- in 2020 despite the economic uncertainty caused by COVID-19. This would drive total subscriptions to over 450 million by the end of this year as online streaming is the next best thing to happen.
Meanwhile, Apple shared its last exact Music subscriber numbers on June 26, 2019, reporting that the service had reached 60 million paid subscribers worldwide and that number is likely quite a bit higher now, but Apple has not shared the exact figure on its total subscribers in 2020.