15 Most Popular Music Streaming Services

Published on August 1, 2023 at 5:37 pm by Maliha Shaikh in Lists, News

In this article, we’ll discuss the 15 Most popular music streaming services. If you want to skip our detailed analysis of the music industry and recent trends, then go directly to the 5 Most Popular Music Streaming Services.

In recent years, the music industry has undergone significant changes, and music streaming services have emerged as the dominant global format. Currently, global recorded music revenue is projected to grow at a rate of 7.5% in 2023, with a compound annual growth rate of 8.6% spanning from 2023 to 2030. This trend holds true for the United States as well, where streaming plays a crucial role in the overall music industry revenue, encompassing both physical and digital music sales. In fact, music streaming contributes a staggering 84% of the revenue in the U.S. music industry.

Goldman Sachs Research suggests potential solutions to headwinds in the industry, such as pricing power, superfans monetization, and reevaluating the payment structure between streaming services and music labels. Lisa Yang, head of the European Media and Internet Research team, points out the current streaming practices and says,

“Listening to a 31-second song by an independent artist, a full 3-minute song by a popular artist, and 5 minutes of the sound of rain are all treated equally.”

The team’s projections indicate that monetizing superfans could generate an additional $2 billion in revenue for streaming platforms by 2027 and a significant $4 billion by 2030, thereby contributing a notable 16% boost to paid streaming revenues.

The music industry has also experienced a significant increase in investment companies acquiring music rights, with millions of dollars paid for music catalogs. This surge is driven by the belief that music rights can serve as a valuable asset class, capable of generating long-term income through royalties and licensing deals. Universal Music Group, Sony Music Entertainment, and Warner Music Group Corp. (NASDAQ:WMG)’s dominance in the industry positions them as the primary buyers of music rights.

Justin Bieber recently made headlines with his music rights sale, fetching over $200 million from Hipgnosis Songs Capital, marking the most substantial deal among artists of his generation. This sale encompasses Bieber’s entire back catalog, consisting of 290 songs released before December 31, 2021. Investment companies see the purchase of music rights as a strategic move, anticipating long-term income through licensing deals and royalty payments, particularly for works from beloved artists.

Numerous prominent musicians, such as Bruce Springsteen, Mariah Carey, Pink Floyd, Adele, Shakira, and Taylor Swift, have made significant deals by selling their music catalogs to investment companies. In November 2021, Bruce Springsteen sold his music rights to Sony Music for approximately $500 million, as reported by The Conversation.

Similarly, Adele sold half of her music publishing rights to Sony Music for an estimated $130 million in 2021, while Shakira sold her entire music catalog to Hipgnosis Songs Fund for around $300 million in the same year. As the music industry continues to evolve, it is likely that more musicians will follow this trend and sell their music catalogs to investment companies.

Given the multitude of music streaming services available, you might think about which music streaming service has the best audio quality. When considering the best audio quality among music streaming services, it depends on the user’s preference. Apple Inc. (NASDAQ:APPL) Music provides Lossless audio quality, surpassing Spotify Technology S.A. (NYSE:SPOT)’s high quality, but requires compatible devices and headphones to fully appreciate the difference. On the other hand, Amazon.com, Inc. (NASDAQ:AMZN) Music offers the highest quality with High Definition. But Amazon.com, Inc. (NASDAQ:AMZN) Music also requires compatible equipment to enjoy it fully.

Let’s now explore more about the most popular music streaming services.

Photo by Tanner Boriack on Unsplash

Our Methodology

For our list of the 15 most popular music streaming services, we based our ranking on the average number of users. We collect the data from reliable and up-to-date sources such as Business of Apps and Visual Capitalist. Data Note: The term “music services” encompasses both free and paid platforms utilized for music consumption in any format. On the other hand, “music listeners”, in this context, refers to individuals aged 18 and above who dedicate any amount of time to listening to music. We selected services from various regions and platforms. The primary ranking criterion will be the number of active users for each music streaming service. We ordered the lists in ascending order of higher number of users.

If you’re interested, also check out 10 Best Music Stocks to Buy Now.

Here is the list of the 15 most popular music streaming services.

15. LiveOne

Average Number of Users: 2.23 Million

LiveOne, previously known as LiveXLive powered by Slacker, is a music streaming service that seamlessly blends audio and video content. It offers a diverse range of content, including live streams of concerts and festivals, curated radio stations, podcasts, and live performances. Users can enjoy the platform on the web and through mobile apps, creating and sharing personalized music stations. LiveOne provides both free ad-supported access and subscription options that remove ads and offer additional features.

14. Tidal

Average Number of Users: 4.2 Million

Launched in 2014, Tidal is a Norwegian-American music streaming service that prioritizes artists and fans, aiming to provide high-quality audio to the global music community. With over 100 million songs available in HiFi sound quality, including exclusives, podcasts, music videos, live concert recordings, and curated playlists, Tidal stands out from other platforms with its emphasis on artist ownership and control. Despite facing challenges and criticism, particularly regarding its high subscription fees, Tidal remains appealing to users who appreciate its focus on audio quality and artist-centric approach.

13. Deezer

Average Number of Users: 12 Million

Deezer is a French music streaming platform that provides a vast collection of more than 73 million tracks for its users. Despite experiencing robust revenue growth from 2021 to 2022, the reported user count experienced a slight decline. Nevertheless, Deezer remains present in over 180 countries and offers diverse subscription plans, including a free ad-supported version, while maintaining a loyal user base.

12. MixCloud

Average Number of Users: 18 Million

Mixcloud was founded in 2008 by Nikhil Shah and Nico Perez during their time at the University of Cambridge. It is an online music streaming service catering to the listening and distribution of radio shows, DJ mixes, and podcasts. With its innovative approach, Mixcloud allows registered users to upload radio shows and podcasts through crowdsourcing. It has over 18 million active users and more than one million registered Facebook application users. Mixcloud’s availability spans over 190 countries and includes partnerships with major labels, independent labels, and artists, ensuring a diverse array of music and audio content.

11. SiriusXM

Average Number of Users: 46.7 Million

Sirius XM Holdings Inc. (NASDAQ:SIRI), another popular music streaming company in North America, offers a wide range of audio products, such as music, talk, news, comedy, entertainment, and podcasts. Sirius XM Holdings Inc. (NASDAQ:SIRI) provides monthly subscription packages with over 150 channels featuring music, news, entertainment, talk shows, and live sports. While Sirius XM Holdings Inc. (NASDAQ:SIRI) enjoys popularity among listeners who prefer terrestrial radio stations, it may not match the overall usage and subscriber numbers of Spotify Technology S.A. (NYSE:SPOT), Apple Inc. (NASDAQ:APPL) Music, and YouTube Music.

10. Pandora

Average Number of Users: 56 million

Pandora is a subscription-based music streaming service. It holds the distinction of being the largest ad-supported audio entertainment streaming platform in the U.S. With 56 million monthly active users, Pandora originally started as an internet radio service, curating personalized channels based on musical traits and individual preferences. Expanding its offerings, the platform introduced Pandora Premium, an on-demand version of the service.

9. SoundCloud

Average Number of Users: 64 Million

SoundCloud is a German music streaming service. It empowers its users to upload, promote, and share audio content with others. Founded in 2007 by Alexander Ljung and Eric Wahlforss, the platform has a global presence and is considered among the most popular music streaming services. It is accessible in 190 countries and territories. SoundCloud has a vast community of over 64 million active monthly users, with a staggering collection of more than 200 million audio tracks available. But SoundCloud is still behind music streaming giants like Spotify Technology S.A. (NYSE:SPOT), Amazon.com, Inc. (NASDAQ:AMZN) Music, and Apple Inc. (NASDAQ:APPL) Music. To cater to a wider audience, SoundCloud provides both free and paid membership options, catering to users across mobile, desktop, and Xbox devices.

8. TuneIn

Average Number of users: 75 Million

TuneIn is a global audio streaming service that grants users access to a diverse array of content, including live news, radio, sports, music, and podcasts. With over 100,000 real radio stations worldwide, users can listen to various formats like AM/FM, HD, LP, digital, and internet stations. Sporting a user base of over 75 million monthly active users, TuneIn can be accessed through the TuneIn Radio app, website, and supported devices, including smart speakers. The platform also offers premium subscription options like TuneIn Live, delivering play-by-play calls from live sporting events and access to premium news stations. Though TuneIn enjoys a substantial user base, its popularity may vary depending on individual preferences and geographic regions.

7. Gaana

Average Number of Users: 80 Million

Gaana, owned by Times Internet, stands as one of India’s largest and most popular music streaming platforms. It has 80 million monthly users. Its vast catalog encompasses Hindi songs, Punjabi songs, regional languages, and devotional music. The platform’s ambitious goal is to expand its user base to 500 million by 2023 while achieving three times revenue growth. With free, unlimited access to over 30 million Hindi songs, Gaana offers both free and premium subscription options. Despite the challenges in converting free users to paid subscribers, Gaana remains a popular choice among Indian music enthusiasts.

6. Youtube Music

Average Number of Users: 80 Million

YouTube Music was introduced in 2020 as a successor to Google Play Music and now stands as a music streaming service offering an extensive collection of songs, artists, and genres. Setting itself apart, YouTube Music not only provides official singles, new albums, top tracks, and the latest music videos but also offers personalized music mixes tailored to individual users. A distinctive feature of the platform is its greenlight for users to enjoy accompanying music videos while streaming their favorite tunes. With an impressive user base of million worldwide, YouTube Music holds the title of the most popular music streaming service concerning overall usage. However, in terms of subscribers, it follows behind industry giants Spotify and Apple Music.

Click to continue reading and see the 5 Most Popular Music Streaming Services.

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