Spotify Beware: TikTok Births SoundCloud 2.0

In recent years Spotify has dominated the paid music subscription market, last reporting 130 million paid subscribers, gaining six million new paying users in the first quarter of this year despite the ongoing COVID-19 crisis. However, this positive news ignores an undercurrent threatening to hack away at its growth. In a climate where the music subscription market is projected to grow from $8.9 billion in 2019 to $17.3 billion by 2024, Spotify could play less of a role in this rise than you may think. The reasons for this are twofold — one being Spotify’s decision to become increasingly anti-social, the other being the rapid rise of an indirect competitor, TikTok…

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