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Amazing Facts About Spotify
Spotify is a music streaming service that allows users to listen to over 30 million songs. Spotify was launched in 2008 by the Swedish company Spotify AB and has expanded into one of the largest on-demand streaming services in the world, with over 140 million active users (as of January 2019).
Spotify has over 70 million subscribers across 65 countries worldwide. Most of their users are concentrated in Europe, where they have 38 million paying subscribers and 28 million users who do not pay for the service. The United States has 25 million paid subscribers and 23 million free or ad-supported users. Canada has 685,000 paid subscribers and 3.2 million ad-supported free listeners. As of 2018, Spotify is available in 65 countries worldwide.
Spotify is currently active and operational.
Also Known As:
Spotify AB (2008), Spotify Ltd. (2017)
Stockholm, Sweden – HQ – 60 Howard St – 14th floor – New York, NY 10013-
2907 – Phone: +1 646-580-3700
In 2017, Spotify officially launched its “Hate Content & Hateful Conduct” policy when R. Kelly was removed from the discover page and other playlists due to a pattern of sexual misconduct allegations against him. This sparked a debate about censorship and freedom of speech.
Spotify is a Swedish corporation (listed on the NASDAQ stock exchange) and was established in 2006. Spotify AB, the parent company of Spotify, is headquartered in Stockholm, Sweden, and has been traded on the Nasdaq since April 2018. Its first trade value was listed at $165 per share, and its current value is $138 as of February 2019. The CEO and Founder of Spotify are Daniel Ek, and its current CCO (Chief Content Officer) is Michelle Kadir as of January 2019.
Daniel Ek – CEO & Co-Founder – Daniel Ek has accumulated over $2 billion with Spotify by his 35th birthday as of 2015. He earned half of that wealth through his 20% share in Spotify and the other half through his other successful ventures, such as Ek’s mobile advertising company, Advertigo. Daniel Ek is known for living a modest life despite his vast net worth; he purchased a $180,000 house at only 22 years old and still lives there today (2015).
Sean Parker – Founding President (2004-2006) & Chairman (2007-2008) – The former president of Facebook and co-founder of Napster joined the team in 2004 and was instrumental to the success of Spotify’s launch. He was awarded 4% equity and made 5 times more than all the employees combined during its first financing round. However, he resigned from his position due to disagreements with management.
Over 1,200 employees – Spotify has over 1,200 full-time employees as of January 2019. The average employee age is around 27 years old, according to Glassdoor reviews. From 2017 to 2018, the company saw an increase of 33% in its workforce.
Spotify’s revenue was €5.3 billion in 2018, and it has a net loss of €1 billion for that year (and more than €4 billion since its launch). They are currently valued at $19 billion USD on the market as of February 2019. Their biggest competitor is Apple Music who controls 16% of the music streaming market share, while Spotify holds 36%.
•Spotify is the fastest-growing company in the history of music.
•In 2015, Spotify launched a set of tools to help artists and other businesses discover and use data about how people listen to their music on Spotify, which could help improve their playlists and marketing strategies.
• Spotify’s Discover Weekly playlist is updated every Monday with personalized taste suggestions for listeners, which have been shown to reduce song skipping by 60%.
•Spotify has been recognized as one of the key players in the music industry for licensing deals. In 2011, Spotify signed an agreement with Universal Music Group to provide its full catalog from all four major U.S. labels to subscribers in Sweden and Norway. They also have an agreement with Merlin Network.
•Spotify currently has over 40 million songs in its catalog.
• Spotify’s main competitors are Pandora Radio, Beats Music, Google Play Music, Rhapsody & Xbox Music.
Spotify’s streaming music service was launched in 2008 and is still going strong as one of the largest on-demand music services worldwide, with over 140 million active users. As of February 2019, Spotify has a market value of $19 billion USD. They have a user base of 156 million listeners who listen to an average of 1.7 hours as full-time subscribers or 3 hours per day as free ad-supported users. In 2018, Spotify had 5 times more revenue than losses and hoped to bring this positive trend forward as it expands its operations worldwide.