Big Gains for Spotify
Spotify’s paying subscribers have seen a steady increase over the past few years and the streaming giant announced recently that they now have 205 million paying subscribers. This figure is an impressive 10 million increase on their previous quarter, solidifying their status as one of the top music streaming services today.
The news was welcomed by many industry insiders as it shows that Spotify is continuing to grow despite intense competition from other streaming giants such as Apple Music and Amazon Music. Additionally, with more people working from home due to the pandemic, streaming services like Spotify are set to benefit even more with increased listening numbers across all its platforms.
Spotify gives users access to over 60 million tracks and podcasts, making it easy for people to find any type of content that suits their taste. The company has also introduced new features such as personalized playlists and podcast discovery tools which make discovering new music easier than ever before.
In addition to these features, Spotify also makes sure that artists get fairly compensated for streams of their music by paying out royalties based on user engagement levels. This means that artists can expect to receive a larger slice of the pie as well as better long-term sustainability for their music.
Overall, it’s clear that Spotify continues to remain at the forefront of music streaming with its impressive growth figures and innovative features designed with both listeners and artists in mind. With its increasing user base and continued focus on artist compensation there’s no doubt that Spotify will remain one of the most popular platforms available for years to come.
Read More: Universal Music Group Partners With Tidal To Create A More Artist-Friendly Streaming Model
Source: Music Business Worldwide