There are many music player applications that we can get for free or subscribe on the internet. However, there are only a few that become a favorite of many people and one of them is Spotify. Being a new Technology company and focusing on online music player services, Spotify can be a successful newcomer when compared to others.
Spotify announced it has bagged 60 million paid users in its service until July 2017. In the last four months, the number of paid users claimed to increase 10 million. This number is calculated much faster than its competitors, Apple. The Apple Music service takes more than a year to reach the same rate as Spotify. Just as information today Apple Music has 27 million paid users.
The rapid growth of Spotify users is allegedly due to the quality of the product and the strong community built. Especially until now Spotify continues to expand the number of business deals with a number of record labels. For this achievement, there are some Spotify business plans that will be pursued in the next few years. One of them is the initial public offering (IPO) plan.
Spotify’s plan to market on the exchange is known from the appointment of a financial advisory in June to explore the possibility of a stock offering on the New York Stock Exchange. The decision to offer stocks is predicted to encourage more SpotPp paid users. That way, this Swedish company can generate more capital to pay loyalty to musicians and labels.
In addition to the IPO, Spotify reportedly will also expand its business cooperation not only to musicians and record labels only. Quoting Techcrunch, Spotify is aiming for possible cooperation with Amazon and Google. The popularity of Google Home and Amazon Alexa services is the reason Spotify works with both. Ease of controlling music from smart speaker device makes Spotify took two technology giants.