According to a report by MIDiA Research, music streaming subscriptions grew by 16.4% in 2020, reaching 467 million globally. ▶ The COVID-19 pandemic has had a significant impact on the music streaming industry, with many users turning to streaming services as a way to stay entertained during lockdowns and social distancing measures. These innovations offer new ways for users to discover and interact with music, and they are expected to play a significant role in shaping the industry in the coming years. Earlier this year, a report from Insider revealed that Resso’s monthly active users grew by 304 per cent between January 2021 to January 2022 in India alone, as opposed to Spotify’s 38 per cent growth in the country during the same period of time. The Information also reports that Resso had over 40 million monthly users across India, Brazil, and Indonesia as of November 2021, a number that’s likely to grow. TikTok app in Brazil comes with a button that redirects users to Resso so they can listen to the full version of a song they’re interested in, a move that helps keep users within the ByteDance ecosystem. Resso has some of the same features described in the “TikTok Music” filing, such as the ability to create playlists, share songs on social media, and interact with the app’s community. ▶ The music streaming industry is also seeing the emergence of new players, such as TikTok Music or ByteDance’s Resso, in India, Brazil, and Indonesia. YouTube Music, which is part of the YouTube platform, has over 50 million subscribers globally. Deezer, which is available in over 180 countries, focuses on localised content and has over 16 million, monthly active users. Tidal is known for its high-fidelity audio quality, and Square recently acquired it for $297 million. ▶ Other notable players in the industry include Tidal, Deezer, and YouTube Music. Amazon also offers a HiFi streaming service, Amazon Music HD, which provides high-quality audio streaming. The service is available on various platforms, including desktop, mobile, smart speakers, and Amazon's Fire TV. ▶ Amazon Music is another major player in the music streaming industry, with over 70 million subscribers worldwide. In addition, the company recently launched Apple Music Voice, which allows users to interact with the service using voice commands on HomePod and HomePod mini devices. The service is integrated with Apple's ecosystem and is available on all Apple devices, including iPhones, iPads, and Macs. ▶ Apple Music is one of the main competitors of Spotify, with over 90 million subscribers worldwide. Spotify has expanded its services to over 170 markets globally and is available on various platforms, including desktop, mobile, and smart speakers. The company's revenue for 2021 was €10.5 billion, up from €7.9 billion in 2020. ▶ Spotify is currently the market leader in music streaming, with over 365 million monthly active users and over 165 million paid subscribers as of December 2021. ▶ The global music streaming industry has been growing rapidly over the last few years, driven by factors such as increasing smartphone penetration, rising disposable income, and the convenience of streaming services, according to a report by ResearchAndMarkets, the global music streaming market is expected to reach $45.5 billion by 2027, growing at a CAGR of 17.8% during the forecast period. He curated a perfect research document that I thought you should read and waste your 3 minutes of time. So, I reached out to my "chatbro," my brother from another digital mother, ChatGPT. This made me want to research the music industry and post a pretentious post on how my intern did 99.9% of the work for my 20+ likes and two comments (which were from the same intern). It seems like Spotify is getting too clingy, and I might need to find another streaming service to continue my dopamine addiction without any interruptions. I was surprised by this because I didn't expect Spotify to message me early in the morning and tell me to get out of Auto and run towards the mountains like Walter Mitty or the guy from Into the Wild, minus dying of accidental starvation. Despite being subscribed to Spotify Premium, I was disturbed by an annoying pop-up of Jay Shetty's podcast, On Purpose with Jay Shetty. I was listening to Vengagirls on Spotify while heading to the office.
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