If you plan to invest, thinking critically about where your money is going is important. It would be best to prioritize paying off your debts before investing.

Drawing on the experience economy literature, this paper demonstrates that music streaming platforms differentiate themselves by leveraging user data to engineer experiences that seek to attract and engage consumers over time.


Access to a Huge Library

Streaming services typically include a massive library of copyright-restricted songs for listeners to enjoy. Other services have unique offerings, such as access to high-resolution audio files or podcasts curated by experts.

Some music subscription services even offer live streams of concerts for their subscribers. And other streaming services are built to suit the peculiarities of classical music.

The big benefit to musicians is that these services can increase their fan base. Having millions of fans who stream their music can increase ticket sales, merchandise purchases, and digital downloads. It also increases their ability to negotiate higher royalties with record labels and other rights holders.

Save Money

In a world where everything is acquiring a digital form, it is easy to lose track of how much you are spending on services. It’s also easy to remember about automatic renewals, which can lead to an optional influx of money into your account.

With inflation at a 40-year high, many households are prioritizing ways to reduce their monthly outgoings. Luckily, subscription services can be an ideal way to save without losing access to your favorite movies or TV shows.

It’s also worth remembering that streaming can help support the artists you love. It takes 303,030 plays on Spotify to make a single dollar, and Apple Music offers CD-quality lossless streams that are ideal for audiophiles. In addition, some streaming platforms are free for those who already pay for the service. It is helping to drive more revenue for labels, songwriters, and artists as they struggle to find a sustainable model to replace physical sales. It’s still early days, but the model is working.

No Ads

Streaming services make money by offering users ad-free listening experiences, a huge music library, and an easy way to listen anywhere. This model has replaced the traditional record industry bundle and has helped drive subscription revenue up over the past five years.

There are a lot of choices when it comes to streaming music, and each service offers a different set of features. Some are more radio-like, and others are more like content platforms with curated playlists and exclusive artist content. Some have higher-quality audio offerings, including CD-quality lossless streams and hi-res options.

 It also offers a free trial and discounts for students, military members, and first responders. 

Access to Music on Any Device

With streaming services, music is always just a few taps away on your phone, tablet, or computer. The convenience of having a large library in your pocket is enough to make even die-hard audiophiles admit it’s hard to resist.

Most streaming services have similar song libraries, standard features, and a monthly price of around $10. That’s thanks to competition, which forces these services to add new perks and match rivals’ perks to attract subscribers.

Personalized Playlists

Streaming services curate playlists to appeal to listeners’ tastes. These playlists are based on song ratings and reviews, and listening habits to connect artists with fans with similar musical tastes. Spotify, for instance, sends a fresh new Discover Weekly playlist every Monday featuring songs that match its 422 million users’ taste profiles. At the same time, Apple Music offers curated playlists such as New Release Radio and Daily Mix.

Personalized playlists have the potential to introduce musicians and songs to audiences that would not have otherwise discovered them, making the service an excellent way to keep up with musical trends and find new favorite songs. Moreover, the popularity of these playlists has the power to catapult new songs into the limelight.

However, despite the positive impacts that streaming platforms can have on musicians’ careers, critics have pointed out that many working artists still can’t make a living from their music. The reason behind this is the pro rata model that most streaming portals use, highlighting big-name artists with huge followings and leaving smaller artists (such as the band Khruangbin) with little chance to rise to prominence.