SAN FRANCISCO: Spotify on Wednesday introduced new tools for artists and songwriters, focusing specifically on video formats that are gaining momentum as the world’s largest audio streaming service struggles to break into the market. It is considered essential.
The Swedish-owned company also unveiled a major overhaul to offer a more interactive interface, including the option to listen to song previews and provide more personalized recommendations using artificial intelligence.
At a live streaming marketing event, Spotify also announced that it had surpassed 500 million monthly active users, including 205 million paying users by the end of 2022, along with 10 million creators.
“When we founded Spotify, the music industry was in freefall. So the main question everyone was asking was, is the music industry doomed or can it be reimagined and still be the world? Can there be a sustainable career for talented artists from all over the world?” Spotify founder Daniel Eck said.
“And now, more than 15 years later, we know the answer is yes. More and more artists are finding success through streaming,” said Ek, who shares day-to-day responsibilities at Spotify with co-presidents Alex Norstrom and Gustav. handed over to Soderstrom.
Launched in 2006, the platform has quickly become the world’s number one audio streaming service but has struggled to prove the viability of its business model.
In an effort to expand beyond music, Spotify has invested heavily in podcasts, audiobooks and live audio in recent years.
With the revamp, Spotify said it will be easier for artists to sell merchandise and tickets to concerts and other live events.
They will also be able to add 30-second videos to their profile and album page to compete with clips posted on social networks like TikTok or Instagram, which “do not guarantee that the audience will then listen to the whole song.” ” said. Selina Ong, a Spotify executive.
“Streaming has already democratized access to music for listeners. With these new tools, we’re democratizing access to marketing for artists,” he said.
The company, which said in January it was cutting about 6 percent of its workforce to cut costs, posted a net loss of 430 million euros for 2022.
Spotify has regularly posted annual losses despite strong subscriber growth and has won over rivals such as Apple Music and Amazon Music.
