Amazon Music grew by 70 percent in the last year, is growing faster than Spotify

Amazon Music is getting more subscribers at a faster rate than other music streaming services like Spotify and Apple Music, according to a recent article from the Financial Times.

Subscriptions to Amazon Music grew by around 70 percent in the last year. Although Spotify has the most subscribers out of any music streaming service, it is growing at a slower rate of around 25 percent a year.

Amazon was late to the streaming industry because it launched its music service in 2016, which was two years after Apple Music launched. However, this hasn’t stopped the service from growing.

Steve Boom, the head of Amazon Music, told the Financial Times that the service is popular among older consumers. For instance, around 14 percent of Amazon Music subscribers are 55 or older, compared to the five percent of Spotify customers in the age range.

In April, Amazon Music said it has more than 32 million subscribers. Boom did not offer an updated subscriber count when asked by the Financial Times.

Source: Financial Times