The industry, which includes online music platforms such as Spotify, Apple Music and Tencent Music, generated $ 6.7 billion in revenue in the second quarter of 2020. According to this income, the sector decreased by 2 percent compared to the previous quarter.
The online music industry, which includes giants such as Spotify, Apple Music and is preferred by more and more people every year, declined slightly in the second quarter of 2020. The sector, which rose in the early stages of the pandemic, started to decline with the normalization process all over the world.
According to Counterpoint Research’s online music industry market research, the industry’s total revenue in the second quarter of 2020 was $ 6.7 billion. Achieving a 13 percent increase on a yearly basis, the sector encountered a 2 percent decrease in the second quarter.
Tencent Music ranked at the top of the online music industry
Tencent Music became the leader of the online music industry. Tencent Music, which has subsidiaries such as QQ Music, Kuwo and Kugoi, has 26 percent of the market share. Spotify followed Tencent Music with 12 percent market share, followed by YouTube Music, another giant with 10 percent.
Leadership in paid subscription
When we look at the paid subscription shares in the second quarter of 2020, Spotify is the leader with 34 percent. Apple Music followed Spotify with 21 percent and Amazon Music with 15 percent. Paid subscriptions increased by 35 percent in the quarter compared to the previous quarter and by 29 percent compared to the same period of the previous year. Research analyst Abhilash Kumar said, “Growth slowed in the second quarter and revenues fell for the first time. There are several reasons for this. In addition, as many companies chose to cut their spending due to the Covid-19 outbreak, there was a decline in advertising revenues, but podcasts broadcast in different genres managed to offset some of the decline. ” made a statement in the form.
While many countries and companies were economically negatively affected by the coronavirus pandemic, the online music industry successfully went through this process. Online music platforms, which experienced a boom in both paid subscribers and general users in this process, are now slowly losing this rise.