Unlocking innovation: Learning from successful businesses across markets

🌟You can learn a lot by looking closely into the models & strategies of successful businesses in other markets (especially those you’re not familiar with). It gives you the means to be innovative and improve your business, to stay ahead even if you're not launching in that market.

🇨🇳 In an innovation project with Spotify, we looked in-depth into a successful audio platform in China (Ximalaya) which is in the same realm as my client. Although Spotify has no intention in going into the Chinese market and it is having substantial YoY (year-on-year) growth globally, they wanted to look into ways to continue to innovate, explore new creative ways of defining business models/strategies to attract and retain high interactions between their customers (creators & listeners) via innovative features.

💫 Apart from learning about Ximalaya's very interesting business models, monetisation strategies & creative features, one of the many interesting insights is: The concept of super apps is embedded in almost all audio platforms in China.

🎧 Instead of having different services in one app, it offers various types of content in one app (e.g. podcast, audiobook, music, audio drama, live streaming with hosts, Chinese Opera, Chinese crosstalk, standup comedy).

🔉This notion of super apps with various content types (instead of various services) is not new even in the Western world. Spotify applies a similar concept, on its way to becoming a super app for audio (e.g. music, podcasts, audiobooks, learning video content).

🎶 It's worth mentioning: Although there's a strong super app mentality in China & the Ximalaya app offers a super app concept with rich audio content types, Chinese users don't use this app for ALL the audio content they want. They go to services, e.g. QQ Music, Kugou Music or Kuwo Music which also offer other audio content, for mainstream music for various reasons. Ximalaya, instead, was successful in capturing audiences for podcasts, audiobooks, Chinese crosstalks & standup comedies.

🚀 It's also worth pointing out that, like Spotify, these content super apps don't start with all content types. They started with one or two prominent types of content & gained a certain level of traction before expanding into other types of relevant content.

🖍 The super app approach also requires a careful design as it often involves cramming as many features & content as possible into one app.

💥 In today's dynamic business landscape, staying abreast of industry trends & learning from successful businesses in unfamiliar markets is crucial for innovation.

If you're interested in learning the details of specific successful businesses in other markets, get in touch!