Strengths and Weaknesses are internal to your company - things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.
Example:- SWOT Analysis of Spotify
Strength:-
User base:-
Spotify has over 480 million subscribers, which puts them in a strong position to earn money from subscriptions and advertisements. They are currently leading the market.
Huge content library:-
Spotify is a highly favoured and dependable platform among music lovers all around the world, providing access to an impressive collection of 82 million-plus songs, podcasts, and other audio content. Its one-stop-shop feature offers a diverse array of choices, which explains why it remains a popular choice over time.
Early Mover Advantage:-
By entering the music streaming market early, Spotify has gained a significant advantage. They continue to expanding their library and reaching different parts of the world. This allows them to stay ahead of the constantly evolving industry.
Weakness:-
High royalty costs:-
Spotify must pay substantial royalties to its artists & record labels.
Competition from other streaming services:-
With the booming streaming service industry, Spotify is feeling the pressure of cut-throat competition. The competitive streaming music market has players like Apple Music, Amazon Music, and YouTube Music. Hence, Spotify must stay innovative and up-to-date to remain at the top.
Opportunity:-
Ever-expanding music industry:-
Spotify has a lot of potential to be successful in the music industry, taking advantage of its current popularity. If they focus on coming up with smart & creative strategies, they could easily achieve success in the future.
Video streaming:-
Spotify has already demonstrated that it can succeed in the video streaming realm.
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