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Amazon's (AMZN) Spatial Audio Available for More Subscribers

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Amazon’s (AMZN - Free Report) music streaming service, Amazon Music, has made its music mixed in spatial audio available on multiple devices for Unlimited tier subscribers.

Users can listen to music with their existing headphones by streaming music on various devices including iOS and Android as well as select devices that support Alexa Cast like Echo Studio, Sony’s SRS-RA5000 or SRS-RA3000 wireless speakers, and home theater systems such as HT-A9, HT-A7000, or HT-A5000.

Further, users can now enjoy the highest-quality audio version of new releases from artists like FINNEAS, Lil Nas X, Remi Wolf, Coldplay and Alicia Keys without any upgrade.

Amazon Music in Focus

Amazon Music intends to offer an enhanced audio experience to customers with its highest-quality and in-depth music. With Amazon Music Unlimited, listeners have access to 75 million songs in high definition (HD), more than 7 million songs in ultra HD and a rising catalog of spatial audio.

Apart from the recent move, the company announced that users will be able to listen to music mixed in Dolby Atmos on the Sonos Arc and Beam (Gen 2) soundbars by streaming Amazon Music from the Sonos app later this year.

Amazon Music will also exclusively release Mercury – Act 1 (Amazon Music Live) in November to let users enjoy a brand-new EP from Imagine Dragons.

We note that the latest move is in sync with the company’s growing efforts toward strengthening the music streaming platform.

Apart from the latest move, it recently launched DJ Mode that delivers personalized, hosted stations with top DJs and music artists and their personal stories on one platform.

Further, its high-quality streaming tier, Amazon Music HD, was made available to all Amazon Music Unlimited subscribers without any additional charge.

These initiatives are helping the company gain more subscribers.

Competitive Scenario in Music Streaming Market

Growing efforts by Amazon Music are helping it expand its presence in the booming music streaming market.

According to a report by Allied Market Research, the online music streaming industry is expected to reach $24.7 billion by 2027, progressing at a CAGR of 9.8% between 2021 and 2027.

In addition, the global music streaming market is expected to hit $7.5 billion by 2025, witnessing a CAGR of 19% during the forecast period of 2021-2025, per a report by ResearchAndMarkets.com.

Given this upbeat scenario, not only Amazon but other players including Apple (AAPL - Free Report) , Spotify (SPOT - Free Report) and Alphabet’s (GOOGL - Free Report) Google are persistently working hard to strengthen their presence in this booming market.

Apple Music offers more than 75 million songs. The company is gaining momentum across the listeners with its playlists of spatial audio in various genres like hip-hop, pop, country, rock, jazz and classical.

Spotify is a pioneer in the music streaming market, offering more than 70 million tracks and 2.6 million podcast titles. Its recent announcement of rolling out a high-end subscription service, Spotify HiFi, which would enable lossless audio, remains noteworthy.

Google’s subsidiary YouTube Music offers more than 60 million songs. YouTube also supports two different spatial audio formats to provide an enhanced audio experience to customers.

Nevertheless, Amazon’s growing music streaming efforts are likely to help it gain a competitive edge against its peers.

Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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