Spotify Reigns Supreme In Music Streaming Wars, But Apple And Amazon Close The Gap
Portfolio Pulse from Ananya Gairola
Spotify Inc. (SPOT) continues to lead the music streaming market with 44.4 million paid subscribers in the U.S. as of February 2023, despite increasing competition from Apple Inc. (AAPL) and Amazon.com, Inc. (AMZN). Apple Music and Amazon Music are closing the gap with 32.6 million and 29.3 million paid subscribers respectively. Other platforms like Alphabet Inc.'s (GOOG, GOOGL) YouTube Music and Pandora Radio also compete in the market. The Music Subscription Market is expected to reach $73.57 billion by 2028, up from $28.2 billion in 2021.
July 04, 2023 | 6:15 am
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NEUTRAL IMPACT
Alphabet Inc.'s YouTube Music has 8.5 million paid subscribers in the U.S.
While YouTube Music's subscriber base is significantly smaller than its competitors, it still contributes to Alphabet's overall revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
Alphabet Inc.'s YouTube Music has 8.5 million paid subscribers in the U.S.
While YouTube Music's subscriber base is significantly smaller than its competitors, it still contributes to Alphabet's overall revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
Spotify maintains its leading position in the music streaming market with 44.4 million paid subscribers in the U.S.
Spotify's leading position in the market is maintained, but the increasing competition from Apple and Amazon could potentially impact its future growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Apple Music is closing the gap on Spotify with 32.6 million paid subscribers in the U.S.
Apple Music's growing subscriber base and its ability to retain customers despite a price increase could positively impact Apple's revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Amazon Music has secured third place in the music streaming market with 29.3 million paid subscribers in the U.S.
Amazon Music's growing subscriber base could contribute to Amazon's overall revenues and its integration with the online shopping platform could provide a competitive edge.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80