Spotify, Tencent Music, and NetEase Cloud Music are all publicly traded owners of music streaming services.
Spotify and the other two companies (which both operate in China) offer investors data over how many total Monthly Active Users (MAUs) are engaging with their music services. They also offer data showing how many people paid for music services in a given period.
The below chart shows the percentage of paying music users (i.e. paying music users vs. the total number of music-playing MAUs at each company at year-end).
Relevant: Tencent Music began ‘windowing’ music content in 2019, whereby users had to pay (or subscribe) to gain early access to certain key releases.
