Music Streaming Platforms 2026
Compiled 2026-10-16. Spotify Q2 2026: 300 million Premium subscribers. Tencent Music Q4 2025: 127.4 million online-music paying users. NetEase H1 2026 membership revenue RMB 2.6 billion, no user count.
Compiled 2026-10-16. The main table ranks companies by the latest paying-user count they still publish. Spotify reported 300 million Premium subscribers for the second quarter of 2026 on 2026-08-04. Tencent Music reported 127.4 million online-music paying users for the fourth quarter of 2025 on 2026-03-17, and that release was the last time it gave the figure quarterly. NetEase Cloud Music published membership revenue for the first half of 2026 and did not publish a paying-user count, so that figure sits in the revenue table.
Paying users
Spotify’s 300 million are Premium subscribers, up 9% year over year. Monthly active users were 777 million, up 12%. Tencent Music’s 127.4 million are online-music paying users, up 5.3% from 121.0 million in the fourth quarter of 2024. Monthly active users that quarter were 528 million. SVIP passed 20 million by the end of 2025. The company said that from the first quarter of 2026 it would stop reporting quarterly MAU, paying users, and ARPPU.
| # | Company | Paying users | Window | Press date |
|---|---|---|---|---|
| 1 | Spotify | 300 million Premium subscribers | Q2 2026 | 2026-08-04 |
| 2 | Tencent Music | 127.4 million online-music paying users | Q4 2025 | 2026-03-17 |
Revenue in the latest reported period
This table is not a rank. The windows mix a quarter and a half year, and the currencies differ. Spotify’s second-quarter 2026 revenue was €4.8 billion, up 14%, with operating income of €655 million. Tencent Music’s second-quarter 2026 revenue was RMB 8.93 billion, up 5.8%, and membership revenue was RMB 4.79 billion, up 8.1%. Ximalaya, consolidated in the quarter, contributed RMB 407 million of total revenue, and part of the membership increase comes from that consolidation. NetEase Cloud Music’s first-half 2026 revenue was RMB 4.0 billion, up 3.4%. Membership subscription revenue was RMB 2.6 billion, against RMB 2.5 billion a year earlier.
| Company | Metric | Amount | Window |
|---|---|---|---|
| Spotify | Total revenue | €4.8 billion | Q2 2026 |
| Spotify | Monthly active users | 777 million | Q2 2026 |
| Tencent Music | Membership revenue | RMB 4.79 billion | Q2 2026 |
| Tencent Music | Total revenue | RMB 8.93 billion | Q2 2026 |
| NetEase Cloud Music | Membership subscription revenue | RMB 2.6 billion | H1 2026 |
| NetEase Cloud Music | Total revenue | RMB 4.0 billion | H1 2026 |
How this ranking was built
Compiled 2026-10-16. The paying-user table includes only companies that still publish a count, ordered by the latest disclosed figure. Spotify’s window is Q2 2026. Tencent Music’s window is Q4 2025. The revenue table lists each company’s own line items and does not merge a euro quarter, a renminbi quarter, and a renminbi half year into one rank. US TV time share: streaming platforms. Track consumption: global singles.
| Source | Snapshot | Scope | Weight |
|---|---|---|---|
| Spotify Q2 2026 (newsroom.spotify.com) | Press 2026-08-04; compiled 2026-10-16 | Premium 300 million (+9%); MAU 777 million (+12%); revenue €4.8 billion (+14%); operating income €655 million | Primary |
| Variety same-day report (variety.com) | 2026-08-04 | Repeats the 300 million Premium milestone | Secondary |
| Tencent Music FY2025 (ir.tencentmusic.com) | Press 2026-03-17 | Q4 2025 online-music paying users 127.4 million; MAU 528 million; monthly ARPPU RMB 11.9. SVIP above 20 million at year-end. Quarterly user metrics stop after this release | Primary |
| Tencent Music Q2 2026 (ir.tencentmusic.com) | Press 2026-08-11 | Revenue RMB 8.93 billion (+5.8%); membership RMB 4.79 billion (+8.1%). Ximalaya contributed RMB 407 million of revenue. No new paying-user count | Primary |
| NetEase Cloud Music H1 2026 (prnewswire.com) | 2026-08-20 | Revenue RMB 4.0 billion (+3.4%); online music services RMB 3.1 billion; membership subscriptions RMB 2.6 billion (RMB 2.5 billion a year earlier). No paying-user count | Primary |
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Music Streaming Platforms 2026
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