Spotify certainly is, “to big to fail”. In retrospect to the previous post, Spotify did in fact reach 50 million paid subscribers. But when you take in to account the free users, the memberships shoots way above 100 million. Picturing the initiatives the company is taking, it is evident that there is room for growth.
Within the past two days, Spotify managed to acquire the audio detection startup, Sonalytic. Founded last summer, the London based company serves as an interface for identifying specific songs (similar to the popular app shazam), monitoring and tracking copyrighted material, and to find specific tracks for use. While Spotify has not released the terms of this acquisition, or how it plans to implement the startup, it may prove to be significant to the company. With the analytics Sonalytic provides, it can assist in the personalization of music provided for users, which is a significant aspect in streaming. It may also serve as a game changer with its “Real-World Events”, a feature which monitors and showcases live music events.
In addition to this acquisition is the partnership Spotify made yesterday with the navigation app, Waze. While not necessarily revolutionary news, it shows just how prosperous the company is. Owned by Google, Waze, in the advent of integrating with a music streaming services, chose Spotify, which was a clear indication of how big this company is. This partnership can only increase the service’s membership while also serving as a beneficial integration for those who consistently use both applications.
Another key move made by Spotify would include its recent interest in podcasts, which led to a partnership with WNYC Studios, providing the platform with critically acclaimed shows like 2 Dope Queens, Death, Sex, & Money, Note to self, and various other hit shows. This already adds to the plans for original podcast productions scheduled to be released on the streaming service this month. Spotify also partnered with North Face, the winter wear company to make a song exclusive to rainy weather, a rather unique idea.
It is important to understand that all these plans committed by Spotify, have occurred within the past few days, exemplifying a beneficial series of events, especially in reference to troubles the company has experienced recently, delaying its IPO until 2018 at the behest of a billion dollar debt, receiving discontent among prominent artists like Taylor Swift, and the growth of serious competition from competing streaming services.
But still, Spotify is really the epitome of streaming today, and to see it fall under could possibly be disastrous for the music industry. Regardless of the setbacks Spotify experiences, both financial and in content, its user base is only getting bigger, which has always been key to the company. As long as the service can provide the most amount of content to the most amount of people, the company will remain as a leader in the music industry.