Spotify's share of listening hours increased from 7% to 10% among American consumers between 2019 and 2021.
There are multiple narratives about audio listening: Broadcast radio companies boast they have the largest reach of any audio platform despite newer, digital platforms’ attempts to unseat it. Spotify executives talk about the financial rewards in taking listening share from AM/FM radio. SiriusXM argues consumers still see value in satellite radio, even when investors and the media give more attention to fast-growing streaming services.
YouTube has the highest usage rate among digital platforms at 60% of all respondents and rises to 77% in the 18-29 age group. In the latter category, YouTube is well ahead of AM/FM radio, which comes in second place at 65%. YouTube’s 12% share of listening hours is also the highest among all streaming platforms.
The survey also goes a long way toward dispelling common beliefs about how people listen to music. Yes, young people—even those who subscribe to streaming services—listen to broadcast radio. Yes, older consumers subscribe to streaming services. But the way people listen to music is obviously correlated with a consumer’s age. Having grown up with the ability to choose music on-demand, consumers aged 18-29 spend more time listening to Spotify and YouTube than to radio and SiriusXM . Consumers 65 and over grew up listening to radio and were middle-aged by the time iTunes made digital downloading mainstream. Accordingly, they spend more than half of their listening time on AM/FM radio and another 15% on SiriusXM.
The future of music streaming is arguably not music—it’s spoken word content, such as podcasts and audiobooks, that turn music platforms into one-stop shops for audio. Investors take special note of podcasts in particular because music services are scooping up podcast content creators, distribution platforms and exclusive licenses with popular shows.
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