There’s no denying that Netflix has a pretty high standing when it comes to several markets in entertainment. Such as Home Streaming, Comedy, Anime, Drama, and so much more. With that being said, there is one other aspect of the field that the company has only scratched the surface of when it comes to media: Music.
In this article, we will go over why the addition of music streaming could not only be beneficial to the site itself but as much to the consumer.
The Business Potential
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Although Netflix does have a stronghold in the market of streaming, it’s not precisely a monopoly. Because of this, it allows other competitors in the medium to shine and stand out. Case in point one of the most recent major streaming competitors, Amazon.
Not only does Amazon Prime feature much of the same concepts and its original programming. Amazon also has its music streaming service. This allows for a broader demographic to market too and thus a bigger chance to outsell subscriptions. Especially with the add on to the Alexa Echo.
Looking at this data from a business perspective, if Netflix were to create either a similar service to add on to their leading site or perhaps a separate location (again related to Amazon) the chances of increased sales could be quite possible.
Because the market only has so much time and space to capitalize on specific demographics, it would need to be quite soon for Netflix to make this decision, otherwise there may come to another streaming service out of the blue they may beat them to the punch.
What Does The Consumer Gain?
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Looking back at the perspective in a marketing standpoint, how can music streaming appeal to the average Netflix user? Especially with the other music streaming services such as Spotify, Soundcloud, and even Apple.
If Netflix were to create their own, then perhaps they could releases music that is more geared towards their programming, such as movie soundtracks. While still releasing many of the same kinds of genres one can expect. This would also be an excellent place to releases any original podcasts and comedy recordings that don’t have any visuals to them.
This gives an advantage as it may grab the public’s interest, as the amount of variety can be quite intriguing to the viewers. Furthermore, they can even tie in Films and Tv (resepctivly) to the music they release.
This idea also becomes prominent when taking a look at some other their live performance releases such as Springsteen On Broadway or Taylor Swift’s Reputation. So it seems as though it is possible for the streaming service to bring music in as an additional factor.