[London – 8th February, 2024] – MIDiA Analysis, a number one analysis and insights agency, has unveiled its extremely anticipated Music Subscriber Market Shares Q3 2023 report. This complete evaluation showcases the exceptional growth of the worldwide music subscription market, pushed primarily by rising markets.

The Q3 2023 report is the definitive, industry-standard  dataset and reveals a formidable enhance in world music subscribers, reaching a complete of 713.4 million worldwide. This represents a progress of 90 million subscribers in comparison with the earlier 12 months’s determine of 623.4 million in Q3 2022. Notably, this fast progress brings the {industry} nearer to the milestone of 1 billion music subscribers globally.

The report highlights the shifting dynamics of the worldwide market, with distinct developments rising between the Western and World South areas. Whereas conventional markets equivalent to North America and Europe proceed to play an important position, the World South, together with areas like Asia Pacific and China, is rising as a progress powerhouse. 

Main the cost within the world music subscription market is Spotify, which maintained its dominance in Q3 2023 with a commanding 31.7% market share. Spotify’s progress was fueled not solely by its stronghold in North America and Europe but additionally by important traction in rising markets. This pattern is mirrored by different Western digital service suppliers (DSPs) like Apple Music, Amazon Music and YouTube Music, albeit with various levels of success.

China, particularly, stands out as a catalyst for non-Western progress, with platforms like Tencent Music Leisure (TME) boasting a considerable subscriber base regardless of working primarily throughout the area. This underscores the significance of regional gamers in driving progress the place Western DSPs have restricted presence.

Whereas mature markets proceed to contribute to progress, the report highlights the accelerating momentum of rising markets, that are poised to develop into the first drivers of future subscriber progress. Regardless of financial and geopolitical challenges, 2023 proved to be a strong 12 months for music subscriptions, with even North America and Europe experiencing accelerated progress in comparison with the earlier 12 months.

“The truth that the worldwide subscriber base grew sooner in 2023 than it did in 2022, regardless of uncertainty within the wider financial system, is testomony to the continued energy of the music streaming market globally, but additionally factors to the emergence of the World South as a streaming market in its personal proper. ” – Mark Mulligan, Managing Director and Senior Music Analyst, MIDiA Analysis

For any questions or to rearrange an interview, please attain Tsion Tadesse at Press@midiaresearch.com or tsion@midiaresearch.com.

MIDiA Analysis is a market intelligence and consulting agency with long-standing experience within the enterprise of leisure and digital media. We work with numerous corporations, from TV networks, streaming providers, video games publishers, builders, and report labels, to tech giants and monetary organisations, offering a deep understanding of developments and improvements which can be shaping the market and viewers behaviours.

We assist leaders formulate commercially actionable technique to be able to navigate the evolving digital-content and consumption panorama. We leverage multi-country client information, market forecasts, and different proprietary information instruments to offer unrivalled perception into the quickly altering, world, digital-content markets. Our protection areas embrace music, video, advertising and marketing and media, video games and audio.