Streaming music? There’s more to it than just convenience.
We’re long past the point of streaming being this new, novel thing in our lives. Streaming has embedded itself into our culture for the foreseeable future. In other words, get use to it. It’s here to stay until some other revolutionary technology comes along and turns it into Blockbuster.
Other industries are feeling the impact of streaming services and its permanency, and we are all guilty of focusing on the negative effects of this new technology — cab drivers were up in arms at Uber and music labels were initially upset at streaming. Push-back is always the greatest against the most disruptive innovations, and streaming certainly fits into that category.
But once everyone takes a step back and a few deep breaths, they realize that with this disruption comes new opportunities. Opportunities to compete, opportunities to innovate, and in the case of smart speakers, an opportunity to benefit.
The Smart Speaker Boom
The product that can most directly attribute its upswing in sales to streaming are smart speakers. A study done by the Canalysis shows just how closely these two markets have become interdependent.
Between Echo, Google Home, and Apple Homepod, there’s been a 200% rise in sales in the second quarter of 2018 alone.43% of these smart speaker owners are using some kind of streaming service. What’s even more interesting is that 37% of these users didn’t purchase any streaming services until after buying the smart speakers!
Though you can’t directly correlate one to the other, you can reasonably assume that a portion of those users purchased their smart speakers mainly for streaming.
Streaming Opportunities for Small Business
Streaming has opened the door for small businesses to be effective in communicating with both current and new clients. The public has made it clear that they prefer video over any other form of content and over 80% would rather watch a video than read a social post. And if you’re giving super behind-the-scenes type content, that number jumps to 87%. That’s a pretty loud statement from potential users.
Streaming has certainly affected how we’ve designed Butter. With all the different streaming services available, we wanted to make sure there’s an effective way of managing those subscriptions. Butter does that and more, including giving cash-back for a bunch of subscriptions that you connect to our platform. Give Butter a try and let us know what you think!