Mission: Spotify''''s mission is to "unlock the potential of human creativity by giving a —million creative artists the opportunity to live off their art and billions of fans the opportunit
FOREIGN TRADE UNIVERSITY SCHOOL OF ECONOMICS AND INTERNATIONAL BUSINESS -000 - MIDTERM ASSIGNMENT SUBJECT: INTERNATIONAL BUSINESS TOPIC: INTERNATIONAL BUSINESS STRATEGY OF SPOTIFY FROM 2011 UNTIL NOW No Student Name Student ID Phan Tuấn Hưng 2114510034 Lâm Thùy Linh 2113550013 Đặng Thu Phương 2112150134 Trần Hữu Tâm 2112150148 Nguyễn Đức Thảo 2112150162 Vũ Huyền Trang 2112150178 Group: Group 13 - Class code: KDOE307(GD2-HK2-2223).1 Lecturer: PhD Nguyen Hong Hanh Hanoi, June 2023 TABLE OF CONTENTS INTRODUCTION CHAPTER GENERAL OVERVIEW OF SPOTIFY 1.1 General Introduction 1.2 History 1.3 Mission, Vision, Core value 1.4 Organizational structure CHAPTER ANALYSIS OF SPOTIFY'S INTERNATIONAL BUSINESS STRATEGY: STANDARDIZATION STRATEGY 2.1 Analysis of Spotify's value chain model 2.1.1 Primary Activities 2.1.2 Support Activities 2.1.3 Conclusion 11 2.2 The reasons for choosing the Standardization strategy 11 2.2.1 Competitive advantages and core value of Spotify 11 2.2.2 SWOT analysis of Spotify 14 2.2.3 Competitive pressure of Spotify 17 2.2.4 The appropriation of the strategy based on the characteristics of the market 18 2.3 Measurement of Success and Impact 19 2.3.1 Evaluation of key performance indicators (KPIs) used to assess the effectiveness of Spotify's Standardization strategy 19 2.3.2 The reason why Spotify becomes the most successful streaming service 24 2.3.3 Limitations of strategy 25 CONCLUSION 27 REFERENCES 28 LIST OF FIGURES Figure 1: Spotify quarterly revenue Figure 2: Spotify annual number of users Figure 3: Spotify Monthly active user growth Figure 4: The Tribe model 10 Figure 5: Global streaming music subscription market 19 Figure 7: Monthly active users of Spotify 20 Figure 7: Spotify’s net income/ loss from 2009 to 2022 22 LIST OF TABLES Table 1: Spotify VRIO Analysis 13 Table 2: Net revenue of Spotify from each source from 2016 to 2022 21 Table 3: Average revenue per user 23 INTRODUCTION In an era marked by the digital revolution and changing consumer preferences, Spotify recognized the need to expand its reach beyond its home market The company's international business strategy has played a pivotal role in driving its growth and establishing a strong presence in numerous countries worldwide The purpose of this report is to provide a comprehensive analysis of Spotify's international business strategy, focusing on its evolution from 2011 to the present Spotify, a trailblazer in the music streaming industry, has embarked on a remarkable journey of global expansion during this period, strategically positioning itself as a frontrunner in the highly competitive global music market This report aims to delve into the key factors that have influenced Spotify's international success, including its market entry strategies, strategic decisions, and initiatives taken to adapt to diverse cultural landscapes By examining Spotify's trajectory, this report seeks to provide valuable insights into the effectiveness of its international business strategy and its impact on the global music industry The analysis presented in this report will not only shed light on Spotify's approach to internationalization but also offer a comprehensive understanding of the challenges faced and the strategies employed to overcome them Additionally, the report will explore the competitive positioning of Spotify in the global market, highlighting its partnerships and collaborations that have strengthened its global presence By the end of this report, readers will gain a deeper appreciation of Spotify's international business strategy, its significance in the music streaming industry, and its potential for continued success in the future CHAPTER GENERAL OVERVIEW OF SPOTIFY Spotify is a digital music, podcast, and video streaming service that gives users access to millions of songs and other content from creators all over the world Spotify is available in over 180 markets and offers both free and premium subscriptions Free users can listen to music with ads, while premium users can listen to music ad-free and with higher quality audio Spotify also offers a variety of features that allow users to discover new music, create and share playlists, and listen to music on different devices Spotify was founded in April 2006 in Stockholm, Sweden, by Daniel Ek and Martin Lorentzon Initially, Spotify started as a small startup and faced initial challenges in securing licensing agreements with major music labels However, after its launch in 2008, it gained popularity, particularly in Europe, and gradually expanded its reach to other parts of the world It introduced innovative features like personalized playlists, Discover Weekly, and algorithmic recommendations, which contributed to its rapid growth and user engagement Figure 1: Spotify quarterly revenue Source: Businessofapps From 2016 to 2023, Spotify's quarterly revenue showed a steady growth trajectory, highlighting the platform's increasing popularity and success in the music streaming industry, reflecting its dominance in the music streaming industry In 2011, Spotify entered the United States market, marking a significant milestone in its international expansion Spotify is listed on the New York Stock Exchange As of 2023, Spotify has over 515 million monthly active users, including over 210 million paying subscribers Spotify has grown rapidly since its launch, and it is now one of the most popular music streaming services in the world Figure 2: Spotify annual number of users Source: Businessofapps Spotify's annual user base experienced impressive growth from 2015 to 2023, solidifying its position as a major player in the music streaming industry Mission: Spotify's mission is to "unlock the potential of human creativity—by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it." Vision: Spotify's vision is to "be the most listened to audio platform in the world", to provide the best music streaming experience for users, ensuring they have access to the right music or audio content for every moment, on any device, wherever they are Core value: Spotify has emphasized several core values: - Artists first: Spotify believes that artists are the foundation of its business, and it is committed to supporting them - Data-driven: Spotify uses data to understand its users and to create a personalized music experience for them - Open platform: Spotify is an open platform that allows third-party developers to create applications that can be hosted within the Spotify software - Simple and easy to use: Spotify is designed to be simple and easy to use, so that users can focus on enjoying music Document continues below Discover more from:đức kinh Đạo doanh trác… KDO305 Trường Đại học… 24 documents Go to course 22 Vở ghi ĐẠO ĐỨC KD TNXH Đạo đức kinh doan… 100% (1) Trắc nghiệm đạo 13 đức, TNXH Đạo đức kinh doan… 100% (1) Group 15 Case A 16 15 32 few bad apples Đạo đức kinh doanh và… None ML44 NHÓM-4 CSRTrong-BÊ-BỐI-… Đạo đức kinh doanh và… None Tiểu luận nhóm DDKD - Tiểu luận… Đạo đức kinh doanh và… None Spotify's organizational structure can be described as a matrix structure with cross- ĐẠO functional teams and a strong focus on autonomy and collaboration NOTE The company usesĐỨC a system of "squads, tribes, chapters, and guilds" to organize its employees Note đạo đức kinh… Squads are small, cross-functional teams that are responsible for a specific product or Đạo đức kinh doanh và… None feature They typically consist of 6-12 people from different disciplines, such as engineering, design, and product management Tribes are a group of squads that are focused on a common area of work, such as product development or marketing Tribes are led by a tribe lead, who is responsible for ensuring that the squads within the tribe are aligned and working towards the same goals Chapters are groups of people who share a common skill set, such as engineering or design Chapters are led by a chapter lead, who is responsible for providing support and resources to the members of the chapter Guilds are groups of people who share an interest in a particular topic, such as machine learning or user experience Guilds are led by a guild lead, who is responsible for organizing events and meetups for the members of the guild This system of organizing employees allows Spotify to be agile and responsive to change It also allows employees to work on projects that they are passionate about and to collaborate with people from different disciplines CHAPTER ANALYSIS OF SPOTIFY'S INTERNATIONAL BUSINESS STRATEGY: STANDARDIZATION STRATEGY 2.1.1 Primary Activities Inbound Logistics: In the case of Spotify, as a digital streaming platform, their inbound logistics primarily involve the acquisition and distribution of music content from record labels, artists, and other content providers - Content Acquisition: Spotify secures licensing agreements with record labels, artists, and content creators to obtain a vast library of music and audio content As Spotify expanded its user base and global reach, it entered into licensing agreements with major record labels and music publishers to ensure a comprehensive music library for its users - Data Management: Incoming data related to user preferences, listening habits, and metadata is retrieved and organized to enhance the recommendation system and improve user experience The standardized inbound logistics processes allow Spotify to streamline operations, ensure consistent quality of content, and leverage economies of scale By centralizing many of their inbound logistics activities, Spotify can efficiently manage and distribute music content across various markets, providing users with a standardized experience regardless of their location Operations Spotify's operations in different markets involve a range of activities and processes necessary for the functioning of their digital music streaming platform While there may be variations based on market characteristics, customer preferences, cultural nuances, and competition, Spotify applies certain strategies consistently across all countries - Personalization: With Spotify, users can create a personalized profile by picking their favorite artists or songs and adding them to their music library or playlists Spotify’s algorithm is designed to recommend songs that align with a user’s interests, tastes, and preferences, based on previous selections - Content Management: Once the music is acquired, Spotify's operations include organizing and managing the content within their platform This involves categorizing songs, albums, and playlists, assigning metadata (such as artist, genre, release date), and creating a user-friendly interface for users to navigate and discover music - Content Delivery and Streaming: Spotify's operations revolve around delivering music content to its users in real-time through streaming This involves building and maintaining a robust infrastructure of servers and networks that can handle the demands of streaming music to millions of users simultaneously Outbound Logistics The outbound operations of Spotify involve activities related to delivering services and content to users, as well as engaging with customers and maintaining ongoing relationships Spotify utilizes various distribution channels to deliver music and audio content to its global user base Its primary distribution channel is its website, which serves as a hub for users, artists, developers, advertisers, investors, and vendors The website plays a significant role in acquiring new customers for Spotify In addition to the website, Spotify has developed mobile apps for both Android and iOS operating systems These mobile apps cater to the diverse needs of its consumers For users, there is the "Spotify: Play Trending Music" app, while podcasters can utilize the "Anchor" app Artists have access to the "Spotify for Artists" app, which caters to their specific needs, and the "Soundtrap Studio" app enables recording capabilities Furthermore, Spotify has introduced the "Spotify Live" app, facilitating interactions between artists/podcasters and their fans One of Spotify's key value-add activities in the distribution area is allowing users to seamlessly switch between different devices Users can start playing a song on one device and continue where they left off on another device Premium users can even listen to a song simultaneously on multiple devices This flexibility and synchronization contribute to a userfriendly and intuitive experience, enhancing Spotify's value proposition By leveraging its website, mobile apps, and synchronization capabilities, Spotify optimizes its distribution strategy to reach a wide range of users and cater to their specific needs, ultimately enhancing the overall music listening experience Marketing and Sales - Marketing: Spotify focused on providing a high-quality service to its users, which has helped to drive word-of-mouth as a marketing strategy and create a loyal user base Let’s take a look at some of the critical features of Spotify marketing strategy that helped the platform reach the top: - Freemium Model: The freemium model is an integral part of Spotify's marketing strategy It allows users to listen to music without paying any subscription fees, addressing the issue of music piracy that the founders aimed to combat This approach not only increases Spotify's user base but also generates word-of-mouth referrals, acting as free marketing by users Spotify also made the most of this feature to promote ads in between to keep coercing the users consciously or subconsciously to sign up for premium to listen to music without any ad breaks This unique marketing hack helped it boost its subscriber base around the world multicultural countries all over the world, one of the most demanding genres throughout the USA is pop music, the second and third place in the top genres in the United States goes to Latin and rock music respectively While in Europe, people prefer listening to the local pop musicians, as well as American superstars, and other popular genres including metal, rock, punk, techno, R&B, and even jazz But in Asia, hip-hop, punk rock, rock, and heavy metal are less popular than in European countries Audio streaming is an international industry There are high levels of international trading, as content is often, but not always transferrable between markets e.g English songs can be enjoyed by people in non-English speaking countries, but local markets will have different local music needs Most incumbents in the industry are concentrated on their approach to internationalization, with medium levels of global integration, and somewhat high levels of local responsiveness Content typically has geographical limitations due to artist rights in different countries 2.2.4 The appropriation of the strategy based on the characteristics of the market Though using the Global Standardization strategy, Spotify is still struggling with its financial problem However, with its tempting price policy, Spotify has gained more and more market share than any of its competitors Every company that is involved in the music streaming industry has to face the pressure to meet the demand for each government’s policy, and the differences in consumer tastes and preferences But Spotify can handle it perfectly and now is available in most of Europe, as well as Africa, the Americas, Asia, and Oceania, with a total availability in 184 markets Therefore, even though the company uses Global Standardization Strategy, it doesn’t meet the lack of local responsiveness 18 2.3.1 Evaluation of key performance indicators (KPIs) used to assess the effectiveness of Spotify's Standardization strategy Most-used music streaming service: 31%, compared to Apple music (15%) and Amazon Music (13%) Figure 5: Global streaming music subscription market Source: Midia Research Engagement metrics on this platform: - Listeners: 515 million active monthly listeners, of which 210 million are premium subscribers - Library: over 100 million songs (Q1/2023), including over million podcast titles - New songs uploaded: average of 1.800.000 / month - Artists and creators: over 11 millions 19 Usage metrics: - Monthly Active Users: Figure 6: Monthly active users of Spotify Source: Spotify Shareholder Deck Europe accounts for 30% of Spotify’s monthly active users, while North America ranks second with a 20% share Churn rate: 3.9% in 2021 (and 2.4% in developed market) 20 Financial metrics: - Revenue: The following table shows the net revenue of Spotify from each source (premium accounts and ads) from 2016 to 2022: Year Premium (€ m) Ad based (€ m) Total 2016 €2,657 €295 €2,952 2017 €3,674 €416 €4,090 2018 €4,717 €542 €5,259 2019 €6,086 €678 €6,764 2020 € 7,135 €745 €7,880 2021 €8,460 €1,208 €9,668 2022 €10,251 €1,476 €11,727 Table 2: Net revenue of Spotify from each source from 2016 to 2022 Source: Spotify Shareholder Deck From this table, it can be seen that Spotify generates its revenue from two sources Its main source of revenue are the premium subscriptions However, the company also generates a small share of its total net revenue from advertising-based accounts In 2022, Spotify generated €10.25 billion from premium subscriptions and around € 1.5 billion from ad-based accounts - Net income: 21 Figure 7: Spotify’s net income/ loss from 2009 to 2022 Source: Spotify Shareholder Deck Despite strong subscriber growth and having the largest market share, Spotify has never made annual profit since it first launched in 2009 Spotify's income is increasing significantly year over year even while it continues to spend more than it makes Spotify has chosen to continue consolidating its position as the market leader and putting greater distance between itself and its rivals by making more investments in growth rather than switching from a more cautious spending position (and swiftly going into profit) 22 - Average revenue per user (ARPU) Year Premium ARPU 2016 €6.20 2017 €5.32 2018 €4.81 2019 €4.72 2020 €4.31 2021 €4.29 2022 €4.52 Table 3: Average revenue per user Source: Demand Sage As can be seen, the Spotify ARPU has been declining over the years, however Spotify still experienced substantial gains in revenues annually There are some reasons behind these figures First, Spotify is experiencing greater growth from markets where it charges less per month for its service compared to growth in countries like the U.S where it charges more per month As a result, the average price paid is going down As customers stream more local market content in such markets, license costs may be cheaper as well, even though ARPU is often lower there As a consequence, Spotify is able to maintain gross margins that are generally consistent Second, Spotify is seeing an increase in the number of customers who join up for its service through family or student subscriptions With the aim of convincing them to switch for life when they graduate from college, Spotify offers U.S students a drastically reduced bundle of streaming services Up to six individuals may subscribe to Spotify under the family plan for $15 per month Customers may spend less than $3 per month for Spotify in both scenarios 23 2.3.2 The reason why Spotify becomes the most successful streaming service Vast Music Library: Spotify offers a massive collection of songs, spanning various genres and languages, with millions of tracks available to users This extensive music library appeals to a wide range of listeners and ensures that users can find and stream their favorite music easily User-Friendly Interface: Spotify provides a user-friendly and intuitive interface across its desktop and mobile applications The platform's design makes it easy for users to discover new music, create playlists, and navigate through the app smoothly Personalized Recommendations: Spotify leverages advanced algorithms and data analytics to provide personalized recommendations based on a user's listening habits, preferences, and music history This personalized approach enhances the user experience by introducing users to new artists and songs they are likely to enjoy Seamless Cross-Platform Integration: Spotify allows users to seamlessly switch between devices and platforms, such as desktop, mobile, and web Users can start listening on one device and continue on another without interruption, providing a seamless and consistent experience Social Features: Spotify integrates social features that enable users to connect with friends, follow artists, and share music Users can create collaborative playlists, share songs on social media platforms, and discover what their friends are listening to, enhancing the social aspect of music consumption Variety of Subscription Options: Spotify offers a range of subscription options, including free ad-supported access and premium ad-free subscriptions This flexibility caters to different user preferences and budgets, allowing users to choose the level of service that suits them best Strong Partnerships and Exclusive Content: Spotify has established partnerships with major music labels, independent artists, and podcast creators These collaborations have enabled Spotify to secure exclusive content, such as album releases and podcast episodes, giving them a competitive edge in attracting and retaining users Continuous Innovation: Spotify consistently introduces new features and improvements to enhance the user experience They invest in research and development to stay at the forefront of technology trends and adapt to evolving consumer preferences Global Reach: Spotify has expanded its reach globally, making its service available in numerous countries This broad international presence has contributed to its success by tapping into diverse markets and engaging a vast user base Data-Driven Insights: Spotify leverages data analytics to gain insights into user 24 behavior, music trends, and market dynamics This data-driven approach helps Spotify refine its algorithms, curate playlists, and make informed business decisions 2.3.3 Limitations of strategy The global standardization approach adopted by Spotify in its international business strategy offers several benefits, such as cost savings and operational efficiency However, it is important to acknowledge the limitations associated with this approach The following limitations highlight potential challenges and risks that Spotify may face Legal and Regulatory Landscape: Intellectual Property and Content Restrictions Intellectual property laws, licensing agreements, and content restrictions exhibit significant variations across countries, presenting a formidable challenge to Spotify's global standardization approach Adapting Spotify's business model and content offerings to comply with local regulations becomes increasingly complex Failure to navigate these legal intricacies can potentially lead to limitations on Spotify's service or, in extreme cases, even legal issues Specifically, Spotify may encounter challenges related to copyright infringement laws, royalty payment obligations, and licensing requirements For example, conducting expansion in the Kingdom of Saudi Arabia, Spotify faced heavy backlash for including tracks with explicit content and lyrics going against local norms of the country Competition: Lack of Differentiation The music streaming industry is a highly competitive arena, with both global giants and local contenders striving for supremacy Within this dynamic landscape, Spotify faces a challenge in differentiating itself from competitors who intricately tailor their offerings to specific markets, while Spotify pursues a global standardization approach This lack of differentiation can have implications for Spotify's ability to attract and retain users, particularly in regions where local competitors have firmly established themselves To exemplify, entering India, Spotify faced tough competition from local players like Gaana, JioSaavn, and Wynk Music due to initial globalizing strategy Language and Localization Language is a critical factor in music consumption, as it plays a vital role in connecting listeners with the content they love Localizing content to cater to different languages is crucial for user engagement and broadening Spotify's appeal to non-English-speaking markets However, the global standardization approach adopted by Spotify may overlook the significance of linguistic localization, resulting in a limited appeal in these markets The absence of localized content can create language barriers that hinder user adoption and limit Spotify's ability to capture a broader global audience By not adequately addressing language barriers, Spotify may miss out on opportunities to connect with non-English-speaking users 25 who are seeking music experiences tailored to their language and culture For instance, India is a linguistically diverse country with a multitude of languages spoken across its regions While Hindi is widely understood and spoken, there are numerous regional languages such as Tamil, Telugu, Bengali, Punjabi, and more By primarily focusing on English and Hindi content, Spotify's global standardization approach may overlook the significance of linguistic localization in India and result in a missed opportunity to capture the diverse Indian market Marketing and Promotional Strategies: Cultural perspective The global standardization approach adopted by Spotify may fall short in adequately accounting for cultural nuances and localized marketing tactics required for successful promotion The diverse cultural landscapes across different markets necessitate a tailored approach to resonate with local consumers Consider this case, different parts of China refrains to different set of cultural attributes, which may be overlooked by the globalizing strategy Failing to address these nuances and relying on standardized marketing efforts can lead to ineffective campaigns and limited reach This limitation can hamper Spotify's ability to effectively compete with local players who possess a deep understanding of the local culture and employ marketing strategies that resonate strongly with their target audience 26 CONCLUSION In conclusion, this report has provided a comprehensive analysis of Spotify's international business strategy, tracing its journey from 2011 to the present By examining the company's expansion efforts, the challenges it encountered, and the strategies it implemented to establish a global presence, valuable insights have been gained The findings of this report highlight the significance of Spotify's international business strategy in driving its growth and success Through strategic market entry approaches, well-informed decision-making, and effective adaptation to diverse cultural contexts, Spotify has successfully expanded its reach and emerged as a leading player in the competitive music streaming landscape The analysis presented in this report emphasizes the importance of Spotify's ability to navigate the complexities of international markets By leveraging strategic partnerships and collaborations, Spotify has strengthened its global presence and established a solid foundation for sustained growth Looking ahead, Spotify's international business strategy will continue to play a critical role in shaping its future success As the music streaming industry continues to evolve and new opportunities arise, Spotify's commitment to innovation, localization, and competitive positioning will be instrumental in maintaining its position as a global leader We extend our gratitude to Dr Nguyen Hong Hanh, an esteemed International Business lecturer, for proposing this captivating subject While compiling and analyzing the information, we acknowledge that errors may have inadvertently occurred Therefore, we welcome any suggestions from our readers to enhance the quality and completeness of this report 27 REFERENCES Arun, R (2022) A Case Study on Spotify Marketing Strategy | Simplilearn [online] Simplilearn.com Available at: https://www.simplilearn.com/tutorials/marketing-casestudies-tutorial/spotify-marketing-strategy Baylor Cherry (2019) 18 Captivating Mission Statement Examples You Need to Read [online] Bluleadz.com Available at: https://www.bluleadz.com/blog/15-of-the-verybest-mission-statement-examples Benitez, C (2022) 20 Spotify Statistics: Usage, Revenue & More [online] Tone Island Available at: https://toneisland.com/spotify-statistics/ Booted, T.S (2022) Spotify Marketing Strategy [online] Startup Booted Available at: https://www.startupbooted.com/spotify-marketing-strategy buildd (2023) Spotify Marketing Strategy: How Spotify won the market by vouching for ‘music for everyone’ [online] buildd 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How We Hire | Life at Spotify [online] Available at: https://www.lifeatspotify.com/how-we-hire 30 More from: Đạo đức kinh doanh trách… KDO305 Trường Đại học… 24 documents Go to course Vở ghi ĐẠO ĐỨC KD 22 13 TNXH Đạo đức kinh doan… 100% (1) Trắc nghiệm đạo đức, TNXH Đạo đức kinh doan… 100% (1) Group 15 Case A 16 few bad apples Đạo đức kinh doanh và… None ML44 NHÓM-4 CSR15 Trong-BÊ-BỐI-… Đạo đức kinh doanh và… Recommended for you None 124 Tieng anh a2 20cau full - Quy trình luân… Báo cáo khoa học 100% (1) KLE - BIG4 Practice 23 TEST accounting 100% (2) BÀI TẬP PBI CƠ BẢN 64 - Bài tập PBI bản… Báo cáo khoa học 100% (2) Luận văn kế toán học 113 viện tài bằng… accounting 100% (4)