Spotify Monthly Active Users Cross 500 Million Mark, Artists Earning Over $1 Million Doubled in 5 Years

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Spotify mentioned on Wednesday it could roll out new options like sensible shuffle and previews of podcasts and music playlists on its audio streaming platform, because it crossed 500 million in month-to-month energetic listeners.

The Swedish firm, which has invested closely in build up its podcast and audiobooks enterprise in recent times in a bid to draw customers and advertisers, introduced the “new re-imagined consumer interface” at its Stream On occasion.

Spotify additionally shared an replace to its annual music royalties report, noting that the variety of artists making over $1 million (roughly Rs. 8 crore) in addition to these producing over $10,000 (roughly Rs. 818,500) had greater than doubled previously 5 years. years.

Earlier this yr, Spotify mentioned it could tighten spending and work to turn out to be environment friendly given the robust macroeconomic backdrop and projected the variety of listeners would attain 500 million within the present quarter.

Options like autoplay for podcasts, customized visible and audio previews of podcast episodes and audiobooks or music playlists, and new feeds for discovery can be rolled out in waves beginning Wednesday, Spotify mentioned.

Again in January, Spotify mentioned it could lower 6 p.c of its workforce and would take a associated cost of as much as almost $50 million (roughly Rs. 408 crore), including to the huge layoffs within the expertise sector in preparation for a doable recession.

The tech business is going through a requirement downturn after two years of pandemic-powered development throughout which it had employed aggressively. That has led companies from Meta to Microsoft to shed hundreds of jobs.

“Over the previous few months we have made a substantial effort to rein in prices, nevertheless it merely hasn’t been sufficient,” Chief Government Daniel Elk mentioned in a weblog submit asserting the roughly 600 job cuts.

© Thomson Reuters 2023

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