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Thanks for the good news on a Wednesday morning! As a millennial who views music as something that can be pondered over for a whole day, I’m also really exciting to hear that the music industry is growing again, even though it’s due to streaming services. Nostalgic for CDs, cassettes, or even long play record or not, streaming music provides me and many other people like me an easy as well as low-cost access of huge content. And no one will deny that it is the biggest motivation for the young generation to join the service: always mobile and on-demand. Also as Alexis Giles saying, people are choosing the platform based on their experience. Once a person sign with a music service, it may hard to get them to change if they’re already having a good experience.
Personally, I’ve almost sticked to Apple Music since its launching just because I don’t have any bad experience but goo experience on this platform, while Apple Music are now lagging behind Spotify for that nearly half of all millennials stream music from Spotify. But here I won’t talk about why and how Spotify win over Apple Music even though they offer the same basic product, their revenue model and the similar model of the entire stream music industry still remains uncertain. While the biggest customer segment, millennials, wants to pay for upgraded services, while not all of them are actually doing. When looking at subscribers statistics of each streaming platform, there are many, especially in the music industry, that still don’t feel like the total number of subscribers in the world is high enough.
While I have no answers for how prospecting this revenue model could be, music streaming services are more popular than ever and seem to still have many years to grow. It’s even more interesting to image whether there will be any kind of new revenue model for this industry. Once I did a group project helping SoundClound create new services, and we finally came with the idea that building and providing a physical studios for those independent creators and artists to record and even release their original tracks under a better industrial environment. I still feel it is worth expecting. Who knows that SoundClound won’t be the next label of good vibes?