Amazon is closing in on beating Apple in music streaming market

Spotify is the undisputed leader in the music streaming market with 115 million paying users and 248 million overall users. Last July, we reported that Amazon’s premium music streaming service, Amazon Music Unlimited, is growing faster than its rivals, Spotify and Apple Music. While Spotify’s number of subscriptions grew 25% YoY, Amazon Music Unlimited saw a 70% YoY growth.

Today, Financial Times reported that Amazon Music streaming service has now reached 55 million subscribers mark. With this rapid growth, Amazon is closing in on beating Apple in the music streaming market. Last year, Apple revealed that it has 60 million Apple Music users. So by the end of 2020 or early 2021, there is a good chance that Amazon will be ahead of Apple.

Amazon recently announced free streaming for users who don’t have a subscription any of Amazon’s Music services. Kinda like Spotify or YouTube Music, users will be able to play music through Amazon’s servers with ads. Amazon also announced the launch of Amazon Music HD recently, a new premium tier that will allow you to access more than 50 million songs in High Definition, and millions of songs in Ultra High Definition. Amazon Music HD is available in the US, UK, Germany, and Japan.

Source: FT