The news highlights the opportunity in front of Rhapsody as music streaming goes mainstream. The recent growth in the music streaming market has seen the likes of Apple Music, Spotify and YouTube storm ahead.
However, in this fiercely competitive market, Rhapsody has fought to stay relevant and its recent growth definitely makes it a player in the game. “Despite increasing competition, we continue to believe in the value of music and see our role as vital in creating experiences with music that users around the world will pay for,” says Ethan Rudi, Chief Financial Officer.
According to Rhapsody, the recent growth of the company was powered by the introduction of new features, like Rhapsody Auto, Rhapsody Kids, and Twitter Audio Cards. The novel Audio Cards concept lets users share licensed music on Twitter. The company has also formed partnerships with Google’s Chromecast, Aldi supermarkets, Sonos smart speakers, Shazam, and others.
The company’s subscription model is simple: there’s an ad-free streaming tier for $9.99 per month, and a radio product — ‘unRadio’ — for $4.99 a month. Currently, Rhapsody is offering three months for premium, while symbolically charging $1 for the trial. Rudin says, the “idea of streaming music is still new to a lot of people and we believe there is still a lot of innovation to be had at price points between free and $10 per month.”
In music streaming years, Rhapsody is long-in-the-tooth. “Next year, Rhapsody will celebrate its 15th anniversary and we’ve never been more excited or optimistic about a category that we helped define in early 2001,” Rudin went on to say.