SEOUL & HONG KONG & NEW DELHI & BEIJING & LONDON & BUENOS AIRES & SAN DIEGO–(BUSINESS WIRE)–Oct 7, 2020–
Global online music streaming revenues declined 2% QoQ but grew 13% YoY in Q2 2020 at $6.7 billion, according to the latest Counterpoint Research findings. This is the first-ever QoQ decline in terms of revenues as music streaming has been gaining strength with every passing quarter. Paid subscriptions grew 29% YoY compared to 35% YoY in the Q1.
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Global Music Streaming Paid Subscriptions by Brand Share (in %) – Q2 2020 (Photo: Business Wire)
Research Analyst Abhilash Kumar said, “The growth slowed down in Q2 and, for the first time, the revenues declined sequentially. There are a couple of reasons for the same. The music streaming platforms offered discounts and lowered prices for paid subscriptions to retain consumers