Music streaming

Amazon (AMZN) Expands into Music Streaming Market with New Launch

AmazonAMZN’s music streaming service, Amazon Music, has introduced a new on-demand listening experience – DJ Mode – which provides personalized, hosted stations with top DJs and music artists along with their personal anecdotes, all in one. only destination.

Prime members and Amazon Music subscribers in the United States can check out the DJ Mode platform for hip-hop, country, and pop music, with expert reviews, tours from top artists, and music facts. ‘Alexa.

The company has collaborated with seven-time Grammy Award-winning Billie Eilish for the first-ever artist-led DJ experience, which gives fans access to her favorite songs and a preview of her music.

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Latest launches in Amazon Music

Amazon Music continues to expand its reach in the global market, including France, Italy, Spain and India, with podcasts as well as localized offerings. It provides access to over 60 million songs with a premium subscription service, Amazon Music Unlimited.

Along with the recent launch, the company announced that Amazon Music HD – its high-quality streaming tier – is available to all Amazon Music Unlimited subscribers at no additional cost.

Additionally, Amazon Music has launched a new shopping experience with the integration of artist merchandise into its mobile app. Customers can listen to new music, watch live broadcasts, and purchase a selection of merchandise from artists such as Billie Eilish, Jack Harlow, King Princess, Lady Gaga and Gucci Mane.

Growing and competitive music streaming market

The music streaming industry has seen a significant increase due to the increase in mobile ad spending, the use of mobile applications, the increase in the number of subscription services and the accessibility of users to the Internet. local content on music streaming platforms.

According to a report by Allied Market Research, the online music streaming industry is expected to reach $ 24.7 billion by 2027, growing at a CAGR of 9.8% between 2021 and 2027.

In addition, a report from ResearchAndMarkets.com reveals that the global music streaming market is expected to reach $ 7.5 billion by 2025, with a CAGR of 19% during the forecast period 2021-2025.

So, Amazon Music’s latest move bodes well for further strengthening its presence in the booming music streaming market, supported by the aforementioned factors.

In addition, Amazon’s presence has intensified competition in the music streaming market against other players including Apple AAPL Music, Spotify SPOT and AlphabetYouTube Music, Tidal, Deezer, Qobuz and Pandora Premium owned by GOOGL Google.

Spotify is a pioneer in music streaming with over 356 million users. It offers over 70 million tracks and 2.6 million podcast titles. Recently, he launched Only You, a global campaign experience with personalized playlists within the app.

In addition, Apple Music has 72 million subscribers as of June 2020 and offers over 75 million songs. The company is gaining traction with listeners with its launches – mono, stereo and Spatial Audio.

In addition, YouTube Music has 30 million music and premium subscribers worldwide, which represents over 60 million songs.

Nonetheless, Amazon’s growing subscriber base driven by innovative launches is expected to continue to strengthen its competitive position.

Currently, Amazon carries a Zacks Rank # 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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