According to John MacFarlane, CEO of Sonos, the music industry will hit a billion paying music streaming users by 2021. Apple Music and China will drive music business growth.
By investing in marketing its streaming service, Apple accelerated the platform’s subscriber growth and created a wider awareness of paid music subscription services in general.
In China, the music industry has a huge potential. There are 650 million people online and, although the number of paying subscribers remain low, there is a growing demand for paid services.
One billion subscribers will be reached also thanks to the rate at which other streaming services such as Spotify, Deezer or Tidal are growing.
