Midia Research published an estimated size of the global music subscription market for the end of June 2021. According to the consultancy firm, there are 523.9 million subscribers in the world, and Spotify owns 31% of these subscribers, while Apple Music comes next with 15%. Amazon Music and Tencent Music both account for 13% and YouTube Music own 8% of this market share.
Based on previous data by Midia, Spotify experienced a decline from 34% in Q2 2019 and 33% in Q2 2020. YouTube Music on the other hand is tagged the fastest-growing DSP, gaining about 50% more subscribers by Q2 2021. Russia’s Yandex, China’s NetEase Cloud Music, and Tencent Music had the fastest subscriber growth with 37% growth in a year.