Shulou(Shulou.com)11/24 Report--

CTOnews.com, May 4, according to the latest report released by market research agency OnlyAccounts.io, the total number of users of music streaming platforms such as Apple Music is close to 590 million by 2022, with an increase of 330 million users in the past five years.

The report shows that music media companies have moved from confrontation to cooperation, recognizing the development trend of streaming platforms such as Spotify, YouTube Music and Apple Music, and the music market has been growing since 2014, and the most important driver is subscription.

According to data released by Statista, only 41 million users used the music streaming service in 2014; in 2018, the number of subscribers to the streaming platform increased sixfold to 255 million.

The growth over the next two years was even more significant, with the number of subscribers surging by 86 million in 2019 and 102 million in 2020. Although the growth rate in 2021 and 2022 is lower than in previous years, the streaming platform has added 1.46 million new users, bringing the total number of users to nearly 590 million.

Spotify is undoubtedly the largest player in the market by platform, with 188 million subscribers last year, accounting for 31 per cent of global subscribers. It was followed by Apple Music and YouTube Music, with 8800 and 80 million subscribers, respectively.

Thanks to hundreds of millions of users around the world, the revenue of the music streaming platform has more than doubled in five years. Total market revenue was $23.2 billion in 2022, up from $11.7 billion in 2018, according to Statista. That figure will grow by another 10%, reaching $25.7 billion by 2023.

The original report is attached to CTOnews.com, which can be read by interested users.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.