Spotify (/sptfa/; .mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%}Swedish: [sptfaj]) is a Swedish[6] audio streaming and media service provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon.[7] It is one of the largest music streaming service providers, with over 615 million monthly active users, including 239 million paying subscribers, as of March 2024.[4][8] Spotify is listed (through a Luxembourg City-domiciled holding company, Spotify Technology S.A.[1]) on the New York Stock Exchange in the form of American depositary receipts.
Spotify offers digital copyright restricted recorded audio content, including more than 100 million songs and six million podcast titles, from record labels and media companies.[8] As a freemium service, basic features are free with advertisements and limited control, while additional features, such as offline listening and commercial-free listening, are offered via paid subscriptions. Users can search for music based on artist, album, or genre, and can create, edit, and share playlists.
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Spotify is available in most of Europe, as well as Africa, the Americas, Asia, and Oceania, with a total availability in 184 markets.[9] Its users and subscribers are based largely in the US and Europe, jointly accounting for around 53% of users and 67% of revenue.[10] It has no presence in mainland China where the market is dominated by QQ Music. The service is available on most devices, including Windows, macOS, and Linux computers, iOS and Android smartphones and tablets, smart home devices such as the Amazon Echo and Google Nest lines of products, and digital media players like Roku.[11] As of December 2023, Spotify was the 47th most-visited website in the world with 24.78% of its traffic coming from the United States followed by Brazil with 6.51% according to data provided by Semrush.[12][13]
Unlike physical or download sales, which pay artists a fixed price per song or album sold, Spotify pays royalties based on the number of artist streams as a proportion of total songs streamed. It distributes approximately 70% of its total revenue to rights holders (often record labels), who then pay artists based on individual agreements.[14] While certain musicians have voiced objections to Spotify's royalty structure and its effect on record sales, others laud the service for offering a lawful option to combat piracy and for remunerating artists each time their music is played.[15]
Spotify was founded in 2006 in Stockholm, Sweden,[16] by Daniel Ek, former CTO of Stardoll, and Martin Lorentzon, co-founder of Tradedoubler.[17][18] According to Ek, the company's title was initially misheard from a name shouted by Lorentzon. Later they conceived a portmanteau of "spot" and "identify".[19]
In February 2010, Spotify opened public registration for the free service tier in the United Kingdom.[17] Registrations surged following the release of the mobile service, leading Spotify to halt registration for the free service in September, returning the UK to an invitation-only policy.[20]
In April 2016, Ek and Lorentzon wrote an open letter to Swedish politicians, demanding action in three areas that they claimed hindered the company's ability to recruit top talent as Spotify grew, including access to flexible housing, better education in the programming and development fields, and stock options. Ek and Lorentzon wrote that to continue competing in a global economy, politicians needed to respond with new policies, or thousands of Spotify jobs would be moved from Sweden to the United States.[23]
In February 2017, Spotify announced the expansion of its United States operations in Lower Manhattan, New York City, at 4 World Trade Center, adding approximately 1,000 new jobs and retaining 832 existing positions.[24] The company's US headquarters are in New York City's Flatiron District.[25]
In October 2015, "Thinking Out Loud" by Ed Sheeran became the first song to pass 500 million streams.[27] A month later, Spotify announced that "Lean On" by Major Lazer and DJ Snake featuring M was its most-streamed song of all time with over 525 million streams worldwide.[28] In April 2016, Rihanna overtook Justin Bieber to become the biggest artist on Spotify, with 31.3 million monthly active listeners.[29] In May 2016, Rihanna was overtaken by Drake with 31.85 million monthly listeners.[30] In December 2016, Drake's just-under 36 million monthly listeners were overtaken by the Weeknd's 36.068 million.[31] Later that same month, Drake's song "One Dance" became the first song to hit one billion streams on Spotify.[32][33] Upon its release in August 2017, the single "Look What You Made Me Do" by Taylor Swift earned over eight million streams within 24 hours, breaking the record for the most single-day streams for a track.[34] On 19 June 2018, XXXTentacion's hit single "Sad!" broke Swift's single-day streaming record, amassing 10.4 million streams the day after he was fatally shot in Florida.[35]
In March 2011, Spotify announced a customer base of 1 million paying subscribers across Europe,[36] and by September 2011, the number of paying subscribers had doubled to two million.[37] In August 2012, Time reported 15 million active users, four million being paying Spotify subscribers.[38] User growth continued, reaching 20 million total active users, including five million paying customers globally and one million paying customers in the United States, in December 2012.[39] By March 2013, the service had 24 million active users, six million being paying subscribers,[40] which grew to 40 million users (including ten million paying) in May 2014,[41] 60 million users (including 15 million paying) in December 2014, 75 million users (20 million paying) in June 2015, 30 million paying subscribers in March 2016,[42] 40 million paying subscribers in September 2016,[43] and 100 million total users in June 2016.[44] In April 2020, Spotify reached 133 million premium users.[45] In countries affected by the COVID-19 pandemic, Spotify registered a fall in users in late February, but it has seen a recovery.[46] In March 2022, Spotify had 182 million premium subscribers.[47] At the end of Q2 2022, Spotify reported 188 million paying subscribers and 433 million total users.[48]
The Financial Times reported in March 2017 that, as part of its efforts to renegotiate new licensing deals with music labels, Spotify and major record labels had agreed that Spotify would restrict some newly released albums to its Premium tier, with Spotify receiving a reduction in royalty fees to do so. Select albums would be available only on the Premium tier for a period of time, before general release. The deal "may be months away from being finalized, but Spotify is said to have cleared this particular clause with major record labels".[49][50][51] New reports in April confirmed that Spotify and Universal Music Group had reached an agreement to allow artists part of Universal to limit their new album releases to the Premium service tier for a maximum of two weeks. Spotify CEO Daniel Ek commented that "We know that not every album by every artist should be released the same way, and we've worked hard with UMG to develop a new, flexible release policy. Starting today, Universal artists can choose to release new albums on premium only for two weeks, offering subscribers an earlier chance to explore the complete creative work, while the singles are available across Spotify for all our listeners to enjoy".[52][53][54] It was announced later in April that this type of agreement would be extended to indie artists signed to the Merlin Network agency.[55][56]
Spotify went public on the stock market in April 2018 using a direct public offering rather than an initial public offering. This approach is not intended to raise fresh capital, but to let investors get their returns.[57][58][59] Morgan Stanley is the company's slated advisor on the matter.[59]
On 3 July 2020, cybersecurity firm VPNMentor discovered a database containing 380 million individual records, including the logins and passwords of Spotify users.[61] The database was thought to be evidence of an impending credential stuffing cyberattack targeting Spotify[62] as it contained the credentials of up to 350,000 compromised user accounts.[63] In response to the attack, Spotify issued a rolling reset of passwords for affected accounts in November 2020.[64]
In May 2013, Spotify acquired music discovery app Tunigo.[65] In March 2014, they acquired The Echo Nest, a music intelligence company.[66][67] In June 2015, Spotify announced they had acquired Seed Scientific, a data science consulting firm and analytics company. In a comment to TechCrunch, Spotify said that Seed Scientific's team would lead an advanced analytics unit within the company, focused on developing data services.[68][69] In January 2016, they acquired social and messaging startups Cord Project and Soundwave,[70] followed in April 2016 by CrowdAlbum, a "startup that collects photos and videos of performances shared on social networks," and would "enhance the development of products that help artists understand, activate, and monetize their audiences".[71] In November 2016, Spotify acquired Preact, a "cloud-based platform and service developed for companies that operate on subscription models which helps reduce churn and build up their subscriber numbers".[72]
In March 2017, Spotify acquired Sonalytic, an audio detection startup, for an undisclosed amount of money. Spotify stated that Sonalytic would be used to improve the company's personalized playlists, better match songs with compositions, and improve the company's publishing data system.[73] Later that month, Spotify also acquired MightyTV, an app connected to television streaming services, including Netflix and HBO Go, that recommends content to users. Spotify intended to use MightyTV to improve its advertising efforts on the free tier of service.[74] In April 2017, they acquired Mediachain, a blockchain startup that had been developing a decentralized database system for managing attribution, and other metadata for media.[75][76] This was followed in May 2017 with the acquisition of artificial intelligence startup Niland, which uses technology to improve personalisation and recommendation features for users.[77][78] In November 2017, Spotify acquired Soundtrap, an online music studio startup.[79][80] 152ee80cbc
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