My previous report noted how difficult it is for Spotify to grow its margins long term due to its dependency on just a few music labels known as the Big Three for much of its content. Not Owning Content Means No Defensible Moat market proves the competitive moat of Spotify’s business is not as strong as many believe. While Spotify may have more users than Apple Music globally, Apple’s quick success in the U.S. Apple Music launched in 2015, and by 2018 overtook Spotify as the largest on-demand music streaming subscription platform in the U.S. When I look just at the U.S., Apple Music provides a perfect case study in how quickly competition can upend the music streaming market. SPOT Market Share Vs Competitors New Constructs, LLC and Midia Research
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