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The e-commerce giant is set to hold above a 50% market share. With the HomePod, Apple’s Siri doesn’t have a substantial market share, standing currently at 5%. And Spotify doesn’t have a smart speaker available – yet. Those disparities will likely become exacerbated in the future. At the end of 2022, Canalys estimates the global smart speaker install base will likely reach 300 million. Apple is projected to have just a 10% share. In 2022, Canalys has projected that Google will remain on par with Amazon, holding a 34% market share. Accordingly, a strong push for its streaming music service makes sense for Amazon. Amazon also wants a slice of the major streaming music revenue pie. And, not content with the share they already have, major labels reportedly want more. The company’s major advertising push comes during a very curious time in the music industry. Citigroup recently calculated that the music industry generated $43 billion in sales last year. Major tech companies (YouTube, Spotify, Apple Music), radio stations, and record labels kept the vast majority. Artists earned under $5 billion, a figure music industry executives and organizations have struggled to spin. RELATED: Warner Music Cashes Out Its Entire Spotify Stake — Totaling $504 Million Now, major labels “are looking to Amazon…to counter Apple and Spotify,” writes Shaw.
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