This isn't a surprise at all, but the music streaming market is doing extremely well based on data shared by OnlyAccounts.io. According to these figures, subscriptions to the various platforms brought in $25.7 billion in 2023, an increase of 10.5% year over year. Even more pleasing for these actors, their income has doubled in the space of five years.
Apple Music faces tough competition
The outlook is also looking good, since the entire market is expected to continue to grow over the next two years. We therefore anticipate a turnover of 30 billion dollars in 2026.
This good news, however, masks different realities depending on the streaming platforms. Thus, Spotify remains the undisputed number 1 in this sector this year with 28% market share. The Swedish giant is ahead of YouTube Music (14%). Amazon Music and Apple Music each share 13% market share, just ahead of Soundcloud (8%).
Apple Musictherefore remains very far from its Northern European rival and it is now in the fight with other services that it was once ahead of. For example, according to records ofStatesmandating from the 3rd quarter of 2023, with 12.6% market share, the Cupertino firm's offering was ahead of Amazon Music (11.1%) and YouTube Music (9.7%).
To put things into perspective, and even if we unfortunately do not have precise data concerning the revenues generated by Apple Music, we can imagine that the Apple brand is largely benefiting from it. Moreover, according to a recent study, Counterpoint Research estimates that the Services activity of the Tech giant will represent 25% of its turnover by 2025. If you want to know more about this, do not hesitate do not go and reread our dedicated articleici.
