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This article is based on a report, Digital Disruptors: The Global Competitive Landscape of Digital Streaming Services.
How do companies today stay relevant? It is important to adopt a strategy that includes renovation, innovation as well as disruption tactics. While renovation focuses on re-establishing a brand within a category, innovation leads to the creation of new sub-categories. Disruption is even more profound as it creates an entirely new market or category.
Disruption is not a new phenomenon, though the plethora of new technologies available today is accelerating the rate of change and upturning digital streaming services in the process.
Consumers are increasingly turning to devices to stream content. According to Euromonitor International’s Lifestyles Survey, 72% of global respondents use a mobile phone to watch TV or video online weekly in 2019. Digital streaming services are growing globally with the potential to disrupt traditional media producers and distributors in other regions.
One company disrupting the digital streaming services space is Spotify. Since its launch, the company’s business model has greatly changed the music industry. Spotify’s core feature is its technological excellence which enables the delivery of a strong user experience across different platforms.
Further geographical expansion provides an opportunity for great growth potential. Spotify’s recent IPO can support future investments, including a move into podcasting.
Maintaining growth requires consistent focus and effort. Even those deemed as the leader in digital streaming services today must continue to work to remain relevant and find new areas of growth. Disrupting oneself is the ultimate goal.
To learn more, download the free white paper “Digital Disruptors: Leveraging Tech to Innovate”.