We have been waiting for a long time for the Swedish service to launch Spotify Hi-Fi so we can enjoy lossless sound through this streaming music platform. But they already made it clear to us that we would have to wait a while. Even so, Spotify continues to dominate the music streaming market with an iron fist.
Or this is what follows from the latest report published MIDIA Research and where he analyzes the growth of streaming music platforms, making it clear that Spotify continues to be the most used service globally.
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Apple Music, the great rival of Spotify
As you can see in the graph in the image above, where we can see the global figures for the music streaming services market throughout the second quarter of 2021, Spotify is the most used platform, while Apple Music gets a creditable second place, although well behind the rival.
According to the study carried out by MIDIA Research, andThe number of users who are subscribing to this type of service continues to grow. In the second quarter there were a total of 523.9 million people subscribed to one of these platforms, which translates into an increase of 26.4% compared to the same period in 2020, making it clear that this sector is clearly growing.
In the case of Spotify, in the second quarter of 2021, achieved a market share of 31%. A high figure that doubles its second rival, Apple Music, which has a market share of 15%.
But these figures reveal an interesting fact: Spotify is losing momentum. To give you an idea, the platform’s market share in 2019 was 34%, while in 2020 it fell to 33% and last year it stood at 31%.
There is still a lot of room for maneuver for Spotify to come back, as it will continue to dominate the market for a long time, but the growth of its rivals is a factor to take into account. Y the lack of HiFi content is hurting Spotify a lot.
Let’s remember that Apple Music offers this service in its entire catalog and at no additional cost. And taking into account that the American market is the main source of income for the giant of the bitten apple, and where iPhones are a regular, the growth of Apple’s music platform is being exponential.
In addition, the Cupertino-based company has more subscription models, including Apple One, which are helping the number of Apple Music users continue to grow. Curiously, the music streaming service that is growing the most is YouTube Music, which has reached 8% of the total market share.
The absence of Tidal also stands out, which will most likely be within the “other” section, with a 10% share. The service, which has always stood out for having high-definition and lossless sound to offer a catalog of more than 80 million tracks in this format, has a smaller but very loyal customer base.
We will have to see the movements of Spotify to continue dominating the music streaming market, because other platforms such as Apple Music or YouTube Music are growing unstoppably. And the Swedish company must try to reverse the situation before it is too late.
