Music streaming sites expand their offerings to bring people in
Implications - Brands that specialize in music streaming are expanding their reach by offering varying branded services and tools. Though similar in content, these extensions offer cost effective or novel forms of the original service — ultimately reaching more consumers, establishing the brands themselves, and leading trust-motivated consumers to the brands’ core offerings.
Workshop Question - Consider a product or service that would function as a “lite” version of something your brand currently offers. What would that product/service look like?
Trend Themes
1. Expansion of Streaming Services - Music streaming brands are offering branded services and tools that offer cost-effective and novel ways of the original service, seeking to reach new consumers and establish brand recognition.
2. Innovations in Listening Experience - Spotify and Apple Music are increasing user engagement by introducing unique and fascinating listening experiences with the incorporation of animations, visual, and voice assistant navigational tools.
3. Niche Music Branding - Luxury fashion and beauty brands are expanding their Millennial appeal into lifestyle branding with the introduction of unique and signature playlists that celebrate the brand and its ambassadors while tapping into a broader fan following.
Industry Implications
1. Music Streaming Services - Streaming services need to expand their offering uniquely in cost-effective ways to attract new consumers and retain current users while establishing brand recognition.
2. Luxury Brands - Fashion and beauty brands can break into Millennial lifestyle branding by taking inspiration from Chanel, which is offering a distinct experience in curating signature playlists to cater to their brand and celebrity ambassadors.
3. Consumer Technology - Consumer technology presents opportunities to increase user engagement by introducing new features such as animations, visual representation, and voice assistants.
