Regional music streaming platform, Joox has seen a growth of over 223 percent of active users in Malaysia in the last five years.
The platform currently boasts over four million users and 30 million downloads. According to McKinsey, Joox currently holds 46.1 percent market share while Spotify holds 34.8 percent.
Angie Tan, head of Joox Malaysia attributes its success in Malaysia to the high mobile penetration in the country.
With the upcoming 5G rollouts and new phone model releases, Tan believes this will highly benefit the platform and will encourage user numbers for Joox as well.
“Malaysia is Joox’s second launch market in the world with exponential growth in terms of its active users across the country,” Tan said.
“Our diverse features allows users to engage with the platform in different ways. We were the first to introduce the podcast service through a music streaming platform in the country,” Tan told Business Today Malaysia.
According to Statista, revenue in Malaysia’s music streaming segment is set to total USD39 million this year, with the number of the country’s music-streaming users amounting to 5.4 million resulting in a 3.8 percent growth year on year.
The revenue is expected to mark an annual growth rate of 4.6 percent resulting in a market volume of USD46 million by 2024.