Counterpoint: Spotify is still the world's top music streaming app

Counterpoint's new research revealed that the music streaming business grew by 32 percent year-on-year (YoY) with 350 million subscription in 2019. This shows that more people rely on apps like Spotify, Apple Music, Amazon Music, and more.

File photo: Spotify

The top music streaming apps in the world are:

Counterpoint's market share chart

The research showed that Spotify is still the most dominant music streaming app in the world with over 35 percent of the global market share. It grew by 23 percent YoY. Next is Apple with 19 percent of the market. It achieved a bigger growth of 36 percent YoY.

Amazon music is at number 3 with 15 percent of the market share followed by Tencent Music with 11 percent of the market share. Google Music only got 6 percent of the market share for the number 5 slot.

Top music streaming apps in the world:

1. Spotify - 35 percent

2. Apple Music - 19 percent

3. Amazon Music - 15 percent

4. Tencent Music - 11 percent

5. Google Music - 6 percent

6. Others - 14 percent

Counterpoint said that Spotify's focus on exclusive content and promotional deals have resulted in its significant growth. Apple's success is due to the constant improvement of the service.

Due to the current COVID-19 outbreak, the research firm believes that the trend will continue this year.

Counterpoint expects that online music streaming subscriptions to grow more than 25 percent YoY to exceed 450 million subscriptions by the end of 2020.

Source: Counterpoint