MUMBAI: According to the last years report, the music streaming business grew by a stunning 32% year-on-year with total subscriptions reaching 358 million, according to market research firm Counterpoint Research.

Spotify continued to lead the charts by grabbing a 35% share of the total subscriptions despite big growth recorded by rivals. In 2019, Apple Music grew 36% while Amazon Music recorded a 50% increase in its subscription base.

Last year, Spotify topped the charts by grabbing a 35% share of the total paid subscriptions. Apple Music, which grew 36% YoY, took the second spot by capturing a 19% share of the total subscriptions.

Amazon Music settled for third place with its subscriptions reaching a 15% share last year, recording an impressive 50% annual growth. YouTube Music managed 6% of the total subscribers.

Counterpoint expects online music streaming subscriptions "to grow more than 25% YoY to exceed 450 million subscriptions by the end of 2020." The market research firm said, “the impact of the COVID-19 pandemic will also bring a small increase in the OTT industry as millions of users move away from music streaming to news channels and podcasts for the latest updates”.