There are dozens of large and hundreds of small music streaming services operating in the world today. The global music streaming market today accounts for 80% of the revenue from music sales, and has grown fivefold over the past three years. Therefore, in this market, as in any other, we can observe competition. Usually the buyer becomes the subject of competition. In this case, we are also talking about competition, but about the struggle for subscribers.
Music streaming services generally provide two types of access: free and paid. To be able to listen to music without commercial breaks, have access to tens of millions of music tracks and be able to download music to a computer disk, we need to use paid access. We may inquire about paid subscription options during a 30-day free trial. This is a standard set for almost all representatives of the global music streaming market.
So, let’s dwell on the main methods of competition in the streaming music market.
One of the big benefits of any streaming music website that has attracted a lot of users since its inception is the free option. Of course, it has some limitations. The ads appear regularly and quite often between songs, which actually makes it difficult to immerse yourself in the music. But the free version itself attracts a numerous of users, some of whom can later switch to a paid subscription.
To be able to listen to music without the restrictions that are in the free version, you will need to purchase a paid subscription. And it’s cost, not least of all, will determine the number of users of the service itself. After all, the cheaper the subscription price, the more users will be able to purchase it.
The next advantage of the country is the presence of a wide range of tariffs in the paid version. A potential subscriber will be able to choose the option that suits him ideally. For example, students will be able to get a rate that is several times cheaper than the standard rate if they present documentary proof of their student status when they sign up. And the family plan will give you the opportunity to create several independent accounts at a lower price. Promotions from streaming platforms and a loyalty program for subscribers also play an important role.
Sound quality plays an important role. For example, FLAC audio, which is provided by a very limited number of streaming services, will become a big advantage for true music lovers who can listen to it on high-end audio equipment.
And, of course, the geographical distribution of a particular music streaming service plays an important role. Of course, it is possible to use modern tools and subscribe to a service that does not work in the user’s country. But a streaming service that works legally in this particular country will become much more attractive.