With millions of people all around the world forced to stay home, streaming is booming. Disney Plus has been the streaming service on everyone’s lips for the last two weeks but now new figures have shown that music streaming is seeing its usage surge too.
Online music streaming subscriptions grew by 32% year-on-year (YoY) globally, reaching 358 million subscriptions in 2019, according to new findings from Counterpoint Research.
Spotify is still leading the way in the market, having recorded a remarkable 23% YoY growth in total revenue in 2019. Right now, Spotify is definitely the leading brand when it comes to music streaming, but it has plenty of competition to worry about from the likes of Apple Music and Amazon.
Promotional activities which often see Spotify subscriptions – and similar offerings from competitors in the field – bundled in with phone deals, hardware purchases, or other service subscriptions, have been key in growing the number of music streaming subscribers. Anyone using the free version of Spotify will know how often the app offers free trial periods of the subscription service and how often advert breaks feature adverts for the subscription service.
The music streaming industry is set to keep growing too, according to the experts. Counterpoint Research has predicted that online music streaming subscriptions will grow more than 25% YoY to exceed 450 million subscriptions by the end of 2020.
The next key battleground for music streaming services seems to be HD audio. Users can bag a free trial of Amazon’s HD music streaming service at the moment. The package would normally cost £14.99 per month but during this promotion Amazon is offering 90 days for free.