Guess Who's Gaining on Apple and Spotify in Streaming Music?
The evolution of the music industry began with the introduction of the Apple (NASDAQ: AAPL) iPod in 2001. The ability to download songs directly onto a pocket-sized device capable of storing thousands of songs was revolutionary.
The next phase was the introduction of streaming music, which began with the debut of Pandora (NYSE: P), an internet music service that used algorithms to offer listeners personalized recommendations. This novel concept was a smash hit with music lovers and embraced by other services like Spotify and, eventually, Apple Music.
The dominant positions of Spotify and Apple Music are well-known to music enthusiasts, having dispatched a number of would-be contenders, but you may be surprised to learn that Amazon.com, Inc. (NASDAQ: AMZN) is the third largest music subscription service globally, and it's quickly closing in on the leaders.
Source: Fool.com
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