Global Online Music Streaming Growth Slowed Down in Q2 2020
Global online music streaming revenues declined 2% QoQ but grew 13% YoY in Q2 2020 at $6.7 billion, according to the latest Counterpoint Research findings. This is the first-ever QoQ decline in terms of revenues as music streaming has been gaining strength with every passing quarter. Paid subscriptions grew 29% YoY compared to 35% YoY in the Q1 .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005474/en/
Research Analyst Abhilash Kumar said, “The growth slowed down in Q2 and, for the first time, the revenues declined sequentially. There are a couple of reasons for the same. The music streaming platforms offered discounts and lowered prices for paid subscriptions to retain consumers or to prevent them shifting to a free plan. Also, advertisement revenues saw a dip since many companies cut expenditure in view of COVID-19. However, podcasts related to different genres were able to keep people glued, offsetting some of the decline.”
In terms of monthly active users (MAUs), Tencent Music (with its subsidiaries QQ Music, Kuwo and Kugou) led the chart in Q2 2020 with 26% share, followed by Spotify and YouTube Music with 12% and 10% shares, respectively. However, in terms of paid subscriptions, Spotify continued to lead with 34% share, followed by Apple Music (21%) and Amazon Music (15%).
Kumar added, “The social media platform and free availability of music help Tencent Music maintain the No. 1 spot in terms of MAUs. For similar reasons, YouTube Music is also among the top three. Strong brand presence, attractive offerings, continuous product improvisation and focus on podcasts have helped Spotify. Apple Music’s free six-month subscription offering in 52 countries helped maintain its share.”
The music streaming industry was almost immune to the ill-effects of COVID-19 in Q1. In fact, the streaming hours increased as people stayed at home. Starting Q2, the market witnessed a slowdown in growth, driven by sequential decline in both paid and ad-based revenues. Starting June-end, the growth is slowly coming back on track. We believe the growth will be back to pre-COVID-19 levels by Q4 2020.
Our in-depth ‘Global Online Music Streaming Market Tracker, Q2 2020’ can be downloaded here .
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
JEOL22.1.2021 07:02:12 CET | Press release
JEOL: Release of a New Cold Field Emission Cryo-Electron Microscope CRYO ARM™ 300 II (JEM-3300)
DAWEX/NUMALIM/ORANGE22.1.2021 01:58:07 CET | Press release
NumAlim Selects Dawex and Orange Business Services for its Data and Services Exchange Platform
VIIV-HEALTHCARE21.1.2021 23:14:12 CET | Press release
ViiV Healthcare announces FDA approval of Cabenuva (cabotegravir, rilpivirine), the first and only complete long-acting regimen for HIV treatment
DE-INCYTE21.1.2021 22:32:11 CET | Press release
Incyte Announces Acceptance and Priority Review of BLA for Retifanlimab as a Potential Treatment for Patients with Squamous Cell Carcinoma of the Anal Canal (SCAC)
KALRAY21.1.2021 17:47:13 CET | Press release
Wistron and Kalray Announce FURIO1200™ Storage Appliance
NV-RIMINI-STREET21.1.2021 15:02:11 CET | Press release
Nottinghamshire County Council Renews Support Agreement With Rimini Street for Its Mission-Critical SAP Applications
NY-ALVAREZ-&-MARSAL21.1.2021 15:02:11 CET | Press release
Alvarez & Marsal Announces 2021 Managing Director Promotions
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom