We are all living in the accessible age – an age where there are 24X7 news channels and a plethora of social media options. Therefore, it is natural that we are subject to a lot of information, most of which may not have any significant use for us. However, if these are directed in a proper way, they can be quite useful. In a sense, it is about exclusivity. Services that are accessible can work very well as exclusives. This statement is not a one-off observation but has been arrived at after looking at many segments of the market, that have only confirmed to the belief.
- For instance, we look at the dating app market – Initially, this market was quite wide, and there was not much choice at that time. But gradually, it started becoming an exclusive market as people had more access to it. People focussed on it, and option narrowing features were sought so that the best choice could be arrived at. Investors were also interested in it, and that helped to fund many dating apps. Similar is the case with the music streaming service, Tidal. Initially, people thought that it could not compete with Spotify because there was no free version of it; however, that was not the case. In fact, Tidal did manage to have a very decent earning and in 2017, it was at the 3rd place for the highest-grossing music streaming services.
- Having the best client is better than having all clients – This thought has been bolstered by Repost which is a platform that helps musicians in getting control of their art. ‘Repost’ does not accept all requests. Rather, it scans a musicians entry, looks at the average play count, the artist’s biggest and smallest tracks to find out if there are enough chances of him making money from it, etc. The result can be something like a lot being unselected and only a few being selected. But those few can still keep the boat rocking pretty well! Therefore, having the best client can pay off well.
Accessible business models like the ones mentioned above are very much in vogue due to the returns that they offer.