Music is always being consumed. Gold is something that only few can buy, whereas a £10 Spotify or a £10 Apple monthly subscription is something pretty much everyone can make.
And, as has been proven during the pandemic, those subscriptions have gone up as people have gone looking for comfort.”Merck Mercuriadis, former Music manager
With live music trailing behind those lost and forgotten about, is music streaming – a platform that provides all-access on any device – the viable option for us to hold on?
Listening is everything, right?
All global investors are seething at the missed opportunity of not putting some money into these streaming sites before the pandemic struck.
The bright-green tycoons, Spotify, are constantly edging out from their competitors with a 29% year-on-year increase reported in active monthly users, to now 299 million worldwide. With Paying subscribers accounting for 93% of its €1.8bn (£1.63bn) revenue in the past three months, the more “access-based” platform seems to be providing its subscribers some needed comfort throughout this pandemic, and rightly so too.
Playlist Activity through Lockdown
Throughout lockdown, it was easy to imagine consumers opting for more sad and slow-paced playlists.
Now? It seems consumers are trying to forget it ever existed, with more and more people investing their time venturing outside. From June to July alone, there was a whopping 140% increase in camping-themed playlists created on Spotify. But of course, you have those that choose to stay inside, with more than 127,000 playlists being created with “bored” or “boredom” in the title, from the start of May to the end of July.
“Despite the ongoing uncertainty around COVID-19, we had our largest ever bi-annual campaign with strong gross additions in both the ‘3 months on us’ intro offer for new users, as well as the win-back offer for returning customers.”Spotify Finance, 2020
With Spotify’s ubiquity being its major USP, (“…remains a core strategy, and we continue to find ways for consumers to seamlessly connect with our platform”) they are constantly finding new ways to reset the wheel in terms of how we stream music. From features such as Canvas and Group Sessions, is it any wonder that one of the major leaders in the music industry took an interest too?
LATEST: Spotify and Universal Reconfirm their Friendship with Licence Agreement
The world’s most popular audio streaming service and the world leader in music-based entertainment have come together to reflect an “industry-leading partnership,” with a licence agreement, which shows just who exactly is really growing during this COVID-19 business.
We’ve said all along – the goal of our Marketplace strategy is to harness Spotify’s ability to connect artists with fans on a scale that has never before existed and bring new opportunities to the industry. Together, we look forward to reinvesting in and building new tools and offerings for artists around the world.”Daniel Ek, CEO/Chairman, Spotify
COLLABORATION and EXPANSION are the main drives to ensure that Spotify leads and leads well, by having a hand in not only discovering new music far efficiently but also dabbling in assisting with Spotify’s marketing presence, too.
So, with Universal pumping more and more interest and finances into Spotify, it won’t be long before we’ll start seeing more of these involved with one another in the future.
It is imperative to understand that if live music does not recover soon, streaming services may become the norm to music listening again.
Read up on the latest events occurring in the industry today:
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