In response to a new report from OnlyAccounts.io, music streaming platforms equivalent to Apple Music have added greater than 330 million subscribers within the final 5 years, with their complete quantity rising to virtually 590 million in 2022.
The search engine says that the music business is way from the place it was eight years in the past, because of streaming platforms like Spotify, YouTube Music, and Apple Music. After fighting plunging revenues for greater than 15 years, the whole market has repeatedly grown since 2014, largely because of a surging variety of music streaming subscriptions.
In response to Statista knowledge, round 41 million individuals used music streaming providers that 12 months. By the top of 2018, the streaming platforms had six instances extra subscribers. That 12 months alone, 79 million individuals jumped on the streaming bandwagon, bringing the full variety of customers to 255 million.
The subsequent two years noticed much more important development, with the subscriber rely hovering by 86 million in 2019 and 102 million in 2020. Though development charges in 2021 and 2022 weren’t as excessive as within the earlier years, the streaming platforms nonetheless added 146 million new subscribers, with the full consumer rely reaching virtually 590 million.
Analyzed by platforms, Spotify is the biggest participant available in the market, with 188 million subscribers or 31% of the world’s complete final 12 months. Apple Music and YouTube Music comply with, with 88 million and 80 million subscribers, respectively.
Because of a whole lot of tens of millions of customers worldwide, the music streaming platforms have greater than doubled their revenues in 5 years. In response to Statista, the whole market grossed $23.2 billion in 2022, up from $11.7 billion in 2018. This determine is about to develop by one other 10% and hit $25.7 billion in 2023.
Nearly 40% of complete income, or $10.2 billion, comes from the US, the biggest music streaming market. China, the UK, and Germany comply with, with $3.1 billion, $1.9 billion, and $1.4 billion in income, respectively.
Statista expects the music streaming revenues to develop by one other 18% within the subsequent 4 years, with the whole market reaching over $30 billion worth.
