Spotify continues to take the music industry by storm amidst growing competitors, and here's why.
The music streaming app has been hailed as number one in terms of monetary success, as Spotify leads a whopping 31% of the worldwide market share compared to Apple Music's 15%, according to Mac Rumors.
Since the music streaming platform's creation in April 2006, other companies have tried to create a similar music experience by following in their footsteps, but what exactly gives Spotify an edge over its competitors?
How Spotify Stood Out From Competitors Apple, YouTube, Amazon, and More
When it comes to choosing a music streaming app other than Spotify, popular options include Apple Music, YouTube Music, and Amazon Music Unlimited, with each music streaming app having its own edge, according to CNBC.
Apple has the largest music catalog of over 90 million songs due to exclusive content and early releases. YouTube Music's subscription goes hand in hand with YouTube Premium for an ad-less video experience, while Amazon Music Unlimited is offered for free alongside an Amazon Prime subscription.
However, Spotify still leads as the most popular music streaming app with 420 million active users, according to Tech Advisor. Spotify attributes its worldwide success to its personalization algorithms that make the service unique to every consumer, offering the best recommendations and custom playlists for music lovers.
Additionally, Spotify has the most affordable price range of a $9.99 monthly premium plan that has remained unchanged since its launch in 2011. Meanwhile, Apple has its monthly subscription for a price of $10.99, YouTube Music's family plan is $14.99 a month, while a standalone Amazon Music Unlimited comes at $9.99, with $1 less if you have Amazon Prime.
Spotify CEO on What Makes Spotify More Than a Streaming App
Aside from the personalization algorithm that sold the streaming app to music lovers everywhere, Spotify continues its efforts to diversify the app's content as more than just a music streaming platform.
Aside from music streaming, Spotify also features audio and video podcasts, inviting active listeners to tune in on regular shows on the app. As of September, Spotify released more than 300,000 audiobooks available on its platform.
In addition to the variety of content, the annual Spotify Wrapped gives consumers a chance to showcase their music taste based on data collected for each user. The feature is one of the ways that Spotify creates engagement with music listeners, as well as its collaborative playlist and shareable playlist QR features.
Spotify co-founder and CEO Daniel Ek emphasized the importance of finding new ways to become interactive with music consumers, according to the Spotify Newsroom.
"We see the opportunity to continue to imagine and explore new verticals across our platform - within audio, but also beyond," Spotify CEO Ek stated. "And for each vertical, we will develop a unique set of software, services and products and business models that's going to be tailored for that specific ecosystem."
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Written by: Andi C.
