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Who is Spotify?

Spotify is a Swedish audio streaming and media services company created by Daniel Ek and Martin Lorentzon on April 23, 2006. As of September 2021, it has over 381 million monthly active users, including 172 million paying members, becoming it the world’s largest music streaming service provider. Spotify is traded on the New York Stock Exchange as American depositary receipts (through a Luxembourg City-based holding company, Spotify Technology S.A.).

Spotify delivers digital copyright-restricted recorded music and podcasts from record labels and media firms, including more than 70 million songs. Basic functions are free with commercials and limited control as a freemium service, while extra capabilities, including as offline listening and commercial-free listening, are available for a fee. As of October 2021, Spotify is available in over 180 countries. Users may build, update, and share playlists and search for music by artist, album, or genre.

As of July 2021, Spotify is available in most of Europe and the Americas, Oceania, and more than 40 African and Asian nations (including South Africa and Mauritius). Spotify is anticipated to be available in 178 countries by the end of 2021. Most current devices, including Windows, macOS, and Linux desktops, iOS and Android smartphones and tablets, AI-enabled smart speakers like Amazon Echo and Google Home, and digital media players like Roku, are compatible with the service.

Spotify pays royalties depending on the amount of artist streams as a percentage of all songs streamed, as opposed to physical or download sales, which pay artists a fixed sum per song or album sold. It pays out around 70% of its overall earnings to rights holders (usually record labels), who then pay artists according to individual contracts. According to The New York Times’ Ben Sisario, around 13,000 of Spotify’s seven million musicians will earn $50,000 or more in 2020.

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