Swedish music streaming service Spotify's market share is expected to grow 25 percent this year, reports Swedish DI.
The expected growth seems to be grounded partly on the effects of the world pandemic COVID19, where millions of people are isolating themselves in Scandinavia and the rest of the world.
Apple Music, the Competitors
Apple Music is growing and, according to Counterpoint analysis house, increased the number of paying subscribers by 36 percent last year.
As a result, they grew faster than the industry as a whole, which increased by 31 percent.
Gaining Market Share
This means that Apple Music is tapping into Spotify's market shares.
Apple now has 19 percent of subscribers, while Spotify has 35 percent.
"Spotify retained first place thanks to advertising campaigns like Free Spotify Premium for three months, price reductions and a focus on exclusive content," said Abhilash Kumar, an analyst at Counterpoint, in a comment.
Amazon Music Eager To Take over
But Apple Music is not the only one aiming for a bigger piece of the cake. Amazon have their eye on the market and are doing all they can to take over with their own streaming service Amazon Music.
By the end of 2019, Amazon Music had a 15 percent market share.
"Tech giants like Amazon, Apple, and Google have begun to focus on streamed music and have enough boxes at their disposal to provide stiff competition to Spotify," said Kumar.
The Streaming Market
The streaming market, in general, grew by one third in 2019 and at year-end there were 358 million paying subscribers worldwide.
Analysis at Counterpoint expects the market for streaming music to grow by 25 percent in 2020.
This would mean that the number of people paying for digital music will pass 450 million by the end of the year.
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