Subscription-based music streaming services have made music more accessible than ever before, with hundreds of millions of subscribers worldwide. According to data presented by Tradingplatforms.com, the number of music streaming services users in the US will reach 100M in 2021 and will generate the most revenue globally – $8.7B.
Music Streaming Users In US To Hit 100M in 2020; Highest Penetration Rate Globally – 30%
The music industry went through a fundamental shift with the emergence of the music streaming industry. Brick-and-mortar music stores have now given way to music streaming services such as Spotify and Apple Music, making music more accessible than ever before. In the US, the music streaming industry is projected to hit an important milestone in 2021, reaching 100M users.
The US music streaming industry boasts the highest penetration rate globally in 2021. Music streaming penetration rate is also projected to hit an important benchmark as it crosses the 30% mark in 2021 compared to just under 20% in 2018. The music streaming penetration rate is expected to reach the 40% mark by 2025.
US Music Streaming Revenue Highest Globally – $8.7B in 2021
The US music streaming industry generates the largest revenue globally and in 2020 revenue grew by 28% reaching $7.4B. In 2021, revenue is projected to grow a further 16.6% and reach $8.7B. From 2021-2025, revenue from music streaming in the US is expected to grow at a compound annual growth rate of 9.27% reaching $12.4B.
Rex Pascual, editor at Tradingplatforms.com, commented:
“One of the many benefits gained from music streaming services was its ability to make an extremely wide range of music accessible to the average listener. However, with music streaming already more than a decade old and competition heating up, services like Spotify are now starting to offer exclusive perks such as pre-releases and concerts to its subscribers in order to stand out. With music streaming in the US hitting 100M users in 2021, the focus for the industry seems to be shifting from accessibility to varying forms of exclusivity.”
You can read more about the story with more statistics and information at: https://tradingplatforms.com/blog/2021/07/06/2021-a-milestone-year-for-music-streaming-in-us-100m-users-and-30-penetration-rate/