preloader

The rapid growth of the music and video hosting industry in 2020 [Covid-19]

People love to distract themselves with music or video content.  Especially now, when everyone is locked up inside their homes due to Covid-19, with restricted means of entertainment. Therefore, music streaming apps like Spotify or video platforms like YouTube are becoming increasingly popular during the indefinite lockdown. 

growth of top music & video sharing platforms

Their popularity is reflected in the traffic to their respective websites.

Global players have had a great year

Spotify, one of the world’s favorite music streaming services, has seen an 8.2% increase in global web traffic from the first quarter of this year to the second (726.5 to 791 Mn visits). Soundcloud is not far behind, with a 7.8% spike in the same time period (511.5 to 555 Mn visits). 

In terms of overall traffic, YouTube remains unchallenged.  With a staggering 97.98 Bn global site visit (April to June) and a 9.9% surge in traffic from January to March, YouTube is perched comfortably on its throne. This is expected since YouTube provides audio streaming services as well (traffic data provided here does not split between YouTube’s different services).

Twitch.tv and Dailymotion occupy the 2nd and 3rd slots with traffic of 2.66 Bn and 693 Mn, respectively, from April to June. 

The following tables depict the traffic by country, for music streaming services and video hosting platforms.

Top music streaming services

  INDIA   UK   SPAIN   FRANCE   UAE
Service  Traffic  Service  Traffic  Service  Traffic  Service  Traffic  Service  Traffic 
gaana.com  63  spotify.com  48.3  cadenaser.com  48  rtl.fr  53.4  spotify.com  14 
masstamilan.io  23  soundcloud.com  34.3  cope.es  43.7  franceinter.fr  32.7  soundcloud.com  12.9 
pendujatt.net  21.5  discogs.com  29.9  spotify.com  25.6  deezer.com  30.4  ytmp3.cc  11.3 
web traffic across countries for Apr-May-Jun (in millions)

Top video hosting platforms

  INDIA   UK   SPAIN   FRANCE   UAE
Service  Traffic  Service  Traffic  Service  Traffic  Service  Traffic  Service  Traffic 
youtube.com 3906  youtube.com 398.5  youtube.com 1116  youtube.com 1216  youtube.com 945.6 
twitch.tv  96.7  twitch.tv  105.7  twitch.tv  27.1  twitch.tv  137  twitch.tv  21.4
dailymotion.com  33.4  dailymotion.com  43.1  dailymotion.com  20.7  dailymotion.com  50.4 dailymotion.com  4.9 
web traffic across countries for Apr-May-Jun (in millions)

Sources:  similarweb.com | semrush.com

The increased traffic to these sites translates into a higher number of subscriptions. The global number of music streaming subscriptions spiked 35% YoY in the first quarter of 2020. Currently, it stands at 394 Mn subscriptions.

This growth in subscriptions is higher than the 20% YoY growth in monthly active users (MAU). This indicates that free app users are upgrading to premium subscriptions. Spotify and Apple Music are the top players globally. In the first quarter of this year, Spotify’s market share is 30% in terms of revenue, and 33% in the number of subscriptions. On the other hand, for Apple Music it’s 25% and 21%, respectively.

 Source: counterpointresearch.com

Video hosting platforms are also witnessing similar growth opportunities. In addition to entertainment, small businesses and freelancers use these platforms to create interesting and relevant content to promote their business and engage their customers.  According to studies, 80% of consumers had consumed more content since the Coronavirus pandemic, as compared to before the outbreak. And video-based content is only set to grow in the future, with an estimated 82% of all content to be videos by 2022.

Source: forbes.com

Banks and card providers should make the most of digital entertainment trends 

These changing consumer trends hold important implications for banks. They need to be in sync with change. Especially now, in times of uncertainty, it is important for banks understand the pulse of their customers and cater to their needs. Banks should consider the possibility of partnering with audio streaming and video hosting portals to provide relevant offers to their customers.

However, staying relevant to customer needs is a multi-faceted task, and not just restricted to providing the right offers at the right time. Crayon Data’s flagship platform, maya.ai, has helped several of our banking clients stay on top of shifting trends, to enhance experiences throughout the customer journey.  To do so, we have produced an exhaustive framework to measure how relevant banks are right now and how they can increase their relevance factor.

Get started now! Learn more about how banks can stay relevant

Also read, The changing OTT landscape in a COVID-19 impacted world

Summary
The rapid growth of the music and video hosting industry in 2020 [Covid-19]
Article Name
The rapid growth of the music and video hosting industry in 2020 [Covid-19]
Description
The popularity and growth of music subscriptions and the video hosting industry have recently boomed. Here's a look at how banks should leverage these trends.
Author
Publisher Name
maya.ai
Publisher Logo

Post a comment

Your email address will not be published. Required fields are marked *

Speak to our AI-personalization experts today

Stay on top of your game in the age of relevance

Business

Check out our blogs, articles and more

Technology

Discover what's new in the big data and AI industries

Technology

Keep up with the latest updates from maya.ai