Amazon


AMZN

has rolled out Amazon Music for Columbia and Chile in a bid to expand its presence in both the countries.

With the recent launch, users in Colombia and Chile can access the music-subscription tier named Amazon Music Unlimited and listen to more than 75 million songs in High Definition. Customers can also listen to millions of ad-free songs in Ultra High Definition for an enhanced experience.

In addition to this, listeners can access an ad-supported selection of top playlists and thousands of stations free of cost.

Music fans can enjoy top releases from local and international artists like J Balvin, Karol G, and Silvestre Dangond in Colombia as well as Mon Laferte, Gepe, and Denise Rosenthal in Chile.

Users can also listen to locally curated playlists and stations, which include popular genres specific to the regions like rock, cumbia, folk as well as reggaeton.

The company also collaborated with its video live streaming service, Twitch, to enable customers with live streaming. Customers can also enjoy original shows produced only for Amazon Music.

Further, users can stream music mixed in spatial audio on iOS and android devices with their headphones and in select devices supporting Alexa Cast.

Amazon Music’s Initiatives for Global expansion

Amazon has been making strong efforts to expand its music streaming service worldwide. The recent launch to extend the company’s reach in Latin America is a step forward in this direction.

Apart from the latest move, Amazon Music introduced podcasts in Canada earlier this year so that customers can enjoy top podcasts along with new and original shows across all tiers of service without any additional charge.

It is also worth mentioning that previously, it introduced podcasts and new and original shows with the same features for customers across the United States, U.K., Germany as well as Japan.

With these growing initiatives, Amazon remains well poised to capitalize on the existing prospects of the booming online music streaming industry, which, per a

report

by Allied Market Research, is expected to reach $24.7 billion by 2027, progressing at a CAGR of 9.8% between 2021 and 2027.

Competitive Scenario in Music Streaming Market

Due to this upbeat scenario in the music streaming market, Amazon — which carries a Zacks Rank #5 (Strong Sell) — faces stiff competition from other players including

Apple


AAPL

,

Spotify


SPOT

and

Alphabet

’s

GOOGL

Google.

You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


.

Apple, Spotify and Alphabet’s subsidiary Google are persistently working hard to strengthen their presence worldwide.

Apple’s music and video streaming service, Apple Music recently introduced a new subscription tier powered by Siri named Apple Music Voice Plan. With this launch, subscribers can access millions of songs, playlists, personalized mixes, genre stations and Apple Music Radio.

Apple Music Voice Plan will be available in 17 countries and regions, including the United States, U.K., Australia, Austria, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, New Zealand, Spain, and Taiwan.

Meanwhile, Spotify expanded its podcast publishing and advertising platform, Megaphone, in Germany, France, Spain, and Italy to help local publishers create, distribute as well as monetize their podcast content. It is also noteworthy that the company earlier made Megaphone fully available in the United States, U.K., Australia and Canada.

Further, Alphabet’s division Google has been taking strong measures to expand its global presence through music streaming service, YouTube Music. The recent introduction of a background listening feature on YouTube Music in Canada to provide an enhanced music experience to users in the country is a major positive.

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