According to a recent report, the music industry has experienced significant growth in the last decade. In 2020 alone, the global streaming market reached $24.5 billion, with Spotify being the leading platform with over 400 million monthly active users.

Top Music Streaming Platforms

• Spotify: 400 million MAU (monthly active users)
• TikTok: 600 million MAU
• Apple Music: 100 million MAU

The average listener on Spotify spends around 4 hours and 52 minutes per week listening to music. Additionally, the report states that 71% of listeners prefer discovering new artists through social media and online platforms.

Music Discovery Methods

• Social Media (71%)
• Online Music Platforms (<50%)
• Radio Stations (>50%)