Spotify was founded by Daniel Ek and Martin Lorentzon on 23 April 2006 and is an audio streaming service. The platform is huge and one of the biggest names in streaming services. The application has garnered almost active users of 365 million monthly, and also, there are almost 165 million subscribers that have opted to take a membership for the premium version, according to a report from 2021. The platform has music that is recorded and that is protected from copyright, and it also has almost 70 million songs on its platform from various genres and artists.
There have been many outings by streaming services, and Spotify is one of them. Spotify has come with a barrage of features that cite towards which artist the user has been steaming and listening. Their new app will track the record for the year. Spotify revealed Spotify Only You, which is their new feature whose basic function is to tell Audio Birth Chart and other facts about the habits regarding streaming. Another outing that Spotify is planning to launch in 2021 is Spotify Wrapped which is what will be covered in the article.
How is “Spotify for Artists”?
Spotify as is one of the leading music streaming services, and they had made an introduction of “Fan Insights” in November o 2015. This was a panel that was still in an initial or beta form at the time which gave the artist the access to know and analyze the data of the listeners every month, geographical data, information of demographic, preferences, and many more. This panel was especially beneficial for managers and budding artists. The panel was upgraded and was progressed from its beta standard in April 2017. The panel was renamed “Spotify for Artists,” the ad was opened to all the artists and managers alike. There was also the incorporation of additional features such as status getting verified like getting a checkmark by the artist name, customization of profile by addition of photos, and also promotion of photos.
Spotify then further announced “Upload Beta” in September 2018, which allowed artists to directly upload to Spotify instead of going to a label or distributor. At the time, the features were only made available to some of the selected US-based artists, and that too was by the only invitation. The plus point about the platform was that the upload was free of cost, and the artist received 100% of the revenue via the content or music they uploaded. Spotify eventually disbanded the program, and plans were made on 1 July 2019 to stop direct uploading and remove all the content that was previously uploaded in this manner.
Why is it just a waste not on Spotify?
PinkPantheress is a singer, songwriter, and producer. She has uploaded many songs on the social platform TikTok in 2021, and these songs went viral in a huge manner. Some of the previous viral hits were “Break It Off.” She was eventually signed by two labels Parlophone and Elektra Records. Some of her previous singles have even charted at the to 40 in UK Singles Chart. From some past days, users have noticed that some metal albums have been disappearing from the streaming app. Just a waste, a song by PinkPantheress has also gone removed from the playlists and Spotify’s entire platform. One of the viable reasons might be because the artist or the label it represents might have removed it willingly. The music availability is completely dependent on the artist’s will or the record label it represents.
Spotify represents music from all around the world, and they are certainly always moving in this direction. Sometimes there are some terms and conditions with the label or the artist that cannot be met or reached. Sometimes the rights may change, resulting in unavailability due to changes in terms and conditions. One of the common reasons is the content or music might not be allowed or blocked access to some countries where rights have not been negotiated. Sometimes album or sing is temporarily unavailable. Although if the song is not on Spotify and used to be before may be found on the playlist the user created, it won’t be playable and may be greyed out. It s good to navigate to settings and watch which music is unavailable.
What is the business model of Spotify?
The streaming service primarily is operable under the freemium business model, which earns that the basic services are free, but for additional features subscription fee is necessary. The revenue generated by Spotify is primarily via premium streaming subscriptions to the users and also placement advertising to the third parties. The company launched the website “Spotify for Artists” in December of 2013, which explained the model of business and data for revenue. The content on the streaming platform is generated by labels and some artists working independently as the service provides royalties for music streaming. 70% of revenue out of the total is paid to the holders.
Spotify gives a subscription package that is unlimited almost as an Open Music Model (OMM). While there have been DRM that is Digital Rights Management indulgence limitation. This diverges from the OMM and iTunes, and Amazon Music that has already stopped using DRM. Tim Ingham, who is music week editor, stated that unlike buying an actual CD, streaming and downloading are better and better payment options. Almost hundreds of streams of tracks are launched each day and almost multiples the revenue potential and is a good source of income for artists.
Also Read: When Will Spotify Wrapped Arrive in 2021?