What you need to know
- Apple Music is the second most popular music streaming service in the world.
- The service grew 36% year over year in 2019.
- The music streaming industry grew to a total of 358 million subscribers last year.
Apple Music has quickly grown into one of the most popular music streaming services in the world. In a new report from Counterpoint Research, it is now the second most popular music streaming service, placing only behind Spotify.
The music streaming market grew 32% year over year in 2019, amassing a total of 358 million subscribers. According to the firm, the growth is attributed to a growing interest in podcasts, price competition in growing markets, and promotional bundling from carriers.
Apple Music grabbed 24% of the total revenue in the industry and 19% of the total paid subscriptions. The company has been highly focused on growing its services business and, due to that push it grew its subscribers by 36% year over year.
Research Analyst Abhilash Kumar says that while Spotify has managed to maintain its top spot with promotions and exclusive content, Apple is quickly gaining on the service with personalized playlists and new app features.
Despite the pandemic, the firm still expects the music streaming industry to grow by at least another 25% year over year in 2020 and reach a total of at least 350 million subscribers.
Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.
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