The global music streaming market is on the cusp of a massive milestone, with the total number of paying subscribers worldwide expected to cross the one billion mark very soon.
According to the latest report from Midia Research, global music subscribers reached a staggering 921.6 million by the end of 2025. That is a 10.1% increase year-on-year, nearly doubling the 472.2 million subscribers recorded just five years ago in 2020.
While growth has slowed slightly compared to previous years, the coveted one billion milestone is now firmly in sight.
Spotify maintains the crown, but YouTube is sprinting
Unsurprisingly, Spotify remains the undisputed king of streaming. The platform holds a 31.4% share of the global market.
By the end of 2025, Spotify’s paying Premium subscriber base hit 290 million (up 10% from the previous year), and fresh data shows that figure has already climbed to 293 million in the first quarter of 2026. Spotify added 27 million net paying users across 2025, completely dominating Europe by contributing 85% of the continent’s new subscribers.
However, the real success story of the year belongs to YouTube Music.
For the second year running, YouTube Music was the fastest-growing service in percentage terms. Its net additions were only narrowly behind Spotify’s, causing its global market share to jump to 12.4% (up from just 7.9% in 2020).
“Based on current trends, YouTube Music is on track to overtake Apple Music and Tencent in global subscribers in 2026,” says Perry Gresham, Head of Data at Midia Research.
YouTube Music has been incredibly successful in the Asia Pacific and Latin America regions, and it has officially overtaken Spotify to become the number one music service in the Middle East and North Africa (MENA).
The global leaderboard: Who is winning and who is losing?
While Spotify and YouTube Music celebrate a bumper year, other tech giants are watching their market shares slip.
Here is how the global leaderboard looks for subscriber market shares:
| Rank | Streaming Platform | Global Subscriber Share | Trend |
|---|---|---|---|
| 1 | Spotify | 31.4% | Holding strong |
| 2 | Tencent Music (China) | 13.8% | Lost global share |
| 3 | Apple Music | 12.6% | Lost global share |
| 4 | YouTube Music | 12.4% | Growing rapidly |
| 5 | Amazon Music | 8.5% | Lost global share |
Apple Music has suffered a notable decline over the last few years, dropping from an 18.4% market share in 2020—when it comfortably held second place—to third place today.
Where is the growth coming from?
The dynamics of the music industry are shifting geographically. For the fifth year in a row, Latin America, Asia Pacific, and the rest of the world accounted for over 70% of all global subscriber growth. Latin America, in particular, hit a record peak for new sign-ups.
Interestingly, the report highlights a quirky financial trend: subscriber growth is currently moving faster than major-label streaming revenue (which rose by 8.3%).
To combat this, some platforms are successfully convincing users to pay more for premium experiences. China’s Tencent Music, for example, saw its annual revenue jump 15.8% despite a drop in new user sign-ups. This was driven by the massive success of their pricey “Super VIP” tier, which surpassed 20 million subscribers by the end of 2025.
As we head further into 2026, all eyes are on the race to one billion subscribers—and whether YouTube Music can officially dethrone Apple Music for the bronze medal.
