![]() ![]() ![]() The sweet spot for Spotify lies not just in expanding its share of overall audio listening in the U.S., but also in combining that wider share with better targeting tools for artists and other content creators and rights holders. consumers spends listening to audio daily, the majority of which is dedicated to radio. Troy Carter, the company's global head of creator services who is leavingin early September, has previously discussed with investors how Spotify’s free tier is a better deal than terrestrial radio for artists and labels because Spotify gives recording artists a cut of ad revenue.Įk claimed to Fast Company that the average Spotify user spends over an hour every day on the service - which, while suggesting high user engagement, still falls behind the four hours that the average U.S. 2018, during which chief R&D officer Gustav Söderström claimed that Spotify serves as “both the radio station and the record store,” simultaneously creating and monetizing demand for music in an allegedly fairer way than traditional radio payouts. These comments are reminiscent of a press conference that Spotify held in Apr. It doesn’t get back to the artists in any real form. Most of that today isn’t monetized very efficiently. I think it’s audio,” Ek said in his interview. I think the market is much larger than that. “I don’t think the market necessarily is purchased music. Hence, with its ballooning size and mounting financial pressures, Spotify and its leadership have their eyes set on bigger opportunities beyond music alone. commercial radio sector, which brought in $13.9 billion in sales over the same time period - outpacing recorded music by nearly 60 percent. Yet that figure still trails behind the U.S. recorded-music revenues increased by 16.5 percent to $8.7 billion, marking the sector’s third consecutive year of growth, according to the RIAA. Below are the five biggest takeaways from the interview, and what they might mean for Spotify’s future as it tries to “move faster” than its rivals in an increasingly competitive streaming landscape.ġ) Spotify’s target market isn’t just music - it’s all of audio.
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