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Although Spotify remains the largest player in the global streaming music market, its competitors are catching up.A recent report in The Wall Street Journal found that Apple Music has been growing paid subscribers at a monthly rate of 5% versus just 2% for Spotify. Subscribers sometime this summer, even as Spotify still has nearly double the number of paying users globally.Apple Music is the most notable competitor, but Spotify also faces pressure from Amazon Music (AMZN), Google Play Music, and YouTube Music (GOOGL) (NASDAQ:GOOG), and Pandora (P). If Spotify ever gets too aggressive in its negotiations with record labels, the content owners can always threaten to walk away and just let consumers access their music through these other services.In addition, Apple, Google, and Amazon can all afford to treat their streaming services as loss leaders to draw users into their platforms.
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