I agree there is nothing to compete "yet". Musicoin to me seems to be the most technically advanced of all the services and they are doing the right thing by concentrating on the technology first to build a strong foundation that can be built on. If you look at their white paper they are currently hosting the music files on their own servers but will be moving to a true decentralised system very soon. If this system allows instant playback then it will be easy for someone to build a Spotify like website to sit on top of it.
My main concern with decentralised music services is the delay in a song having to be fetched from multiple computers. An end user doesn't care that it is more secure and pays the artists a larger royalty. All they care about is having a huge choice of music and being able to access it quickly. If a service like Musicoin can crack that then I think independent artists at least will flock to it. Will record labels want to use it? They will resist tooth and nail but just like streaming services they may have no choice in the long run.
Exciting times in indeed!