Focus on Spotify
Is listening everything?
Spotify is a Swedish audio streaming and media services provider, launched in October 2008 by Daniel EK and Martin Lorentzon. Since then, Spotify’s market has rapidly grown over time, with 299 million active users spread over 92 markets globally. Spotify leads the market with 33% of paid subscriptions, with Apple music close behind at a 21% share.
S’s mission is to “unlock the potential of human creativity — by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it”. This music platform aims to provide interactive and up-to-date content profitable for artists, establishing medium and boosting dissemination among users and artists. This strategic approach captures the needs of everyone at the global level, irrespective of cultural, genre and other boundaries.
What is the problem that Spotify aims to solve?
“We envision a cultural platform where professional creators can break free of their medium’s constraints and where everyone can enjoy an immersive artistic experience that enables us to empathize with each other and to feel part of a greater whole”
Spotify intends to satisfy the on-demand music need in the industry, to have a more socially rooted role in history, to weave a linkage creation between people, to provide artists with an open well-regulated platform and to put an end to the privacy in online music industry.
Transparency, passion, fairness, collaborations and innovation constitute the core values for the most popular music platform.
The value of partnerships in business is quite significant nowadays. They increase your lease of knowledge, expertise and resources available to make new products and reach a greater audience. Let’s focus on the strategic partnership plan of Spotify. It can be divided in three different sectors: 1. gaming, 2. podcast, 3. video content. Firstly, Sony incorporated the Spotify service in Playstation and Discord integrated music within the application. Secondly, WNYC brought various podcasts to Spotify, ESPN and Netflix co-curated podcasts around M. Jordan documentary. Investment in original podcasts has served well in attracting users with less inclination towards music.
Spotify runs a freemium model, where funding comes from subscribers (91%) and advertisements (9%). The team of Spotify understands the vitality of innovation in growth, spending 615 million euros on research and development last year.
“We aim to make mistakes faster than anyone else”
Daniel Ek
Spotify aims to acquire and retain the best talent in the world. They attempt to translate agile values and principles into organizational operations and structures. Workforce is being motivated to learn from each other, to participate in open space conferences and to grow their personal interests. Community business model outweights a strict business structure. There is a fail-friendly environment which brings out creativity, engagement and innovation.
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