You need it, they got it – and will get it to you in under 2 days, yes, we’re talking about Amazon.
While Amazon has been leading the E-commerce game for years on end, they were late to the party when it came to joining the music streaming platforms. However, in their own style, they now seem to be leading the way in terms of their growth, leaving seasoned competitors behind.
While Spotify has a solid subscriber base of 100 million and Apple Music is catching up with around 60 Million, Amazon Music is proving they aren’t going to be left behind. As reported by Financial Times, showing solid annual growth of a whopping 70%, Amazon Music had a solid 32 Million subscribers as of April this year. Spotify might be leading the pack with its sheer number of subscribers but they are growing at a much slower rate of about 25% per year, whereas Apple Music spurred a better growth rate of about 50% over the past year.
According to the Midia Research report, one of the main advantages Amazon Music has over the others is its integration with the highly popular Amazon Echo smart speaker range. Offering a number of different price points for subscription, a standard Amazon Music Unlimited subscription is on par with its competitors at $10. But for Prime members its available at $8 per month and more so, for users who listen through the Echo can access music at just $4 per month. Alexa device owners also have the option to listen to it for free if they’re ok with the sprinkling of the audio ad’s thrown in and Prime members also have access to Prime Music at no additional charge, but that service has a smaller library to choose from.
Head of Amazon Music, Steve Boom, brought up another key point which worked in their advantage. Amazon music targets a different demographic. The report showed that about 14% of Amazon music subscribers are aged 55 years or older, whereas that is a mere 5% of Spotify’s customers.
“We’re not battling for the same customers as everyone else,” Mr. Boom told FT. “For the industry to reach its full potential, we can’t just look at 15- to 22-year-olds.”
When Amazon had first rolled out its music services in 2016 they were met with a lot of criticism, but eventually proved to have stood the test of time and seem to now be growing at an exponential rate.
Which streaming platform do you use? Don’t forget to let us know below!
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