Home > E-Commerce & Internet > Pandora and Spotify Lead in Streaming Music Via Internet Radio but Face New Challenge from Apple Music/SiriusXM Tops 27 Million Subscribers

Pandora and Spotify Lead in Streaming Music Via Internet Radio but Face New Challenge from Apple Music/SiriusXM Tops 27 Million Subscribers, Business and Industry Trends Analysis

More and more people are shifting to streaming music services, accessed via online subscriptions or ad-supported plans. This is hurting recorded music sales, as consumers who subscribe to Pandora and similar services see little need to buy their own copies of their favorite songs. However, music publishers offset this revenue loss by licensing music to Pandora, Spotify and similar subscription services. In fact, streaming music over the internet means that more people are accessing more music than ever before.

For all of 2023, RIAA (Recording Industry Association of America) reported that music subscription services, such as those from Apple, Inc., Amazon.com and Spotify Technology SA, saw revenues rise 9% over 2022 to reach $11.2 billion. Streaming music accounted for 78% of all recorded music revenues in the U.S.

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