A red ocean strategy involves competing in industries that are currently in

existence. This often requires overcoming an intense level of competition

where companies are competing mainly on price. For this strategy, the key
goals are to beat the competition and exploit existing demand.

Example

 Apple decided to operate within the red ocean market for smartphones
and launched its first phone back in 2007. Despite a large number of
competitors such as Nokia and Samsung, they managed to attract
customers and offer the desired features and design. More than a decade
after, each new model of the iPhone turns out to be a great success with
unprecedented demand. 

YouTube Music, probably the newest music streaming service was

announced back in 2015. It seemed quite impossible for this product to
compete with Google Play Music and other strong rivals such as Apple
Music, Spotify, and Deezer. Despite the harsh competition and saturated
market, music streaming services were in high demand, so YouTube
Music decided to give it a try. Additionally, due to millions of YouTube
users, promoting their new project — YouTube Music was much easier.