Which are the most popular music streaming services?
Spotify dominates the music streaming business and generally outrank other smaller services in terms of reach, subscriber share, and consumer preference. In 2022, over 90 percent of respondents in the U.S. stated to be aware of the streaming provider, while over 40 percent of consumers have used this service. However, other major players include YouTube Music, Pandora, and Apple Music. Smaller services like Deezer, SoundCloud, Tidal, and Napster have yet to achieve any real influence over the market, with just a handful of consumers using each service. However, in a market which still remains substantially less crowded than the video streaming scene, there is still room for less established music companies to gain a larger following.Another branch of this industry which is gaining popularity is podcasting. In the U.S., about 44 percent listened to podcasts at least once a month as of October 2022. Thanks to the mobility provided by smartphones and the aforementioned streaming platforms, consumers are streaming more often, and in more places via various devices than ever before. This applies not just to audio and music content but also to video, which has taken the TV and movie business by storm and changed viewing habits forever.
SVOD in the U.S.
A variety of different video streaming platforms have experienced massive growth over the past few years. Video streaming platforms such as Netflix, Hulu, and Amazon Prime Video have accumulated millions of subscriptions and provide access to a variety of movies, TV shows, and documentaries at the click of a button. These services have become such a crucial part of the entertainment industry that they have even begun to influence pop culture itself. Notable examples include Netflix’s original shows such as “Stranger Things,” which have earned numerous awards and are in high demand among audiences.Consumer spending on digital home entertainment in the U.S. is high, and has given rise to an increase in binge-watching and on-the-go viewing. As with physical music, sales of traditional TV and video formats are on the decline, and it is clear now more than ever that streaming is and will continue to be the future of media consumption.
