![]() ![]() One key offering by Spotify is to provide users with machine-generated playlists like Discover Weekly, a personalized playlist with weekly updates. The question is then, how is Spotify able to fend off its major competitors, who are much more established in the technology industry? Apple Music, Spotify’s nearest competitor, only has approximately half the global subscriber base and market share as those of Spotify. This was a major feat by Spotify, whose major competitors include technology titans like Apple, Amazon, and Google. The rapid growth in the music streaming industry was driven by Spotify, a global leader with ~42% market share and €4.1 billion revenue in 2017. įigure 1 – Global Recorded Music Industry Revenues Since 2014, that decline has reversed following the explosive growth of the music streaming industry which grew to $6.6 billion in 2017 to represent 38% of the global recorded music industry. Spotify also helped reverse the decade-long secular decline in the global recorded music industry, which declined from $25.2 billion in 1999 to $14.2 billion in 2014. In an era in which Apple, Amazon, and Google are dominating the technology world, Spotify has succeeded in besting all of them in the music streaming industry. ![]()
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