Twenty years ago, we thought that digital downloads were the bomb. This was the future. Then came streaming which has allowed for unparalleled access to tens of millions of songs. What could possibly supersede that?
MIDiA Research has some thoughts.
July marks ten years since Spotify’s US launch. Although the tendency among some is to consider this ‘year zero’ for streaming (thus ignoring everything that had happened in prior years both within and outside of the US) it does present a useful opportunity to reflect on what the next decade might hold for Spotify.
Rather than focus on the business outlook, I am going to explore how Spotify and other streaming services, could change the way in which music is consumed ten years from now. But first, three quick future business scenarios for Spotify:
- It continues to be the global leader but with reduced market share due to the rise of regional competitors in emerging markets
- It loses market momentum, stock price tumbles and is acquired by another entity
- It morphs into a true multi-sided entertainment and creation platform, doing for entertainment what Amazon now does for retail but with more tools and services
So, on to the future of music consumption.
To map the future, you need to know the past. These are (some of) the key ways streaming has transformed how we engage with music: