The Age of Spotify
There is no doubt that there has been an enormous shift in music over the past two decades. Gone are the days of cassette decks and vinyl records, of physically going to stores and purchasing records. With the advent of technology in the 21st century, more specifically the creation of Spotify in 2006, streaming and downloading songs online is now the way to go.
Spotify has launched into the biggest streaming platform of all time, but had humble beginnings. It was launched by Daniel Ek and Martin Lorentzon as a start-up in Stockholm, as a way to resolve the piracy issue faced by many upon downloading songs. The greatest appeal was initially the free service the platform would provide, in the hopes of attracting more customers. And it certainly blew up. As of now, there are a whopping 433 million users on the platform, including 188 million subscribers across 183 regions. The company is worth around 15 billion dollars, generating revenue through paid subscriptions and advertisements.
But why exactly is Spotify so successful? There are multiple reasons. It provides access to 80 million tracks (and podcasts) at an extremely affordable rate. Users do not have to go to the previous hassle of downloading a limited number of songs and having to be connected to the internet. The option of an offline mode makes listening to your favorite tracks so much more convenient. The platform also allows a massive influx of artists to showcase their talent, whether they are already well-established in the music industry or even relatively unknown. Spotify enables them to maximize their reach, customize their profiles and analyze their audience statistics. The algorithm is another huge plus – the app automatically understands your preferences and recommends music according to your tastes. Innovative features like Spotify Wrapped further enhance your experience. There is no doubt that the giant streaming platform has made its mark on the world and is here to stay.
