It’s no secret that streaming services lose a lot of money on a constant basis. Maintaining one of these platforms is not cheap, especially when we’re talking about music. Over the past few years, Spotify has lost money quarter after quarter. Fortunately, this has come to an end, since the company has recorded its best period in its history, thus saving itself from bankruptcy
According to Spotify, the past fiscal quarter, which ran from April to June 2024, was the most successful period for the company in its history, which has saved it from possible bankruptcy after constant declines in its revenue. However, Part of this success is due to one factor in particular, the dismissal of 17% of its employees at the end of last year.
Alongside this, Spotify has also put a lot of weight on podcasts in recent years, and is currently focusing on users who are more likely to pay for a premium subscription, resulting in slower growth, but exceeding expectations in this regard. As if that weren’t enough, Price increases have also been recorded for the service’s various subscriptions.
Of course, this is just the first step in this time of revitalization, and Spotify plans to focus on all the aspects that have worked for it so farand they plan to expand to reach new markets. All this without forgetting the relationships they have with artists such as Taylor Swift, who also played an important role on this occasion.
Finally, Spotify plans to expand its offering in regions such as the United States, where audiobooks are already part of the catalog available on this platform.and something similar is expected to happen in the rest of the world. In related topics, here you can learn more about the increases in Spotify subscriptions. Similarly, this free application combines the best of Spotify and YouTube.
Author’s Note:
Of all the music platforms, Spotify is the only one I like. While it’s good to see that the company has escaped bankruptcy, it’s not a great thing when this was due to a large part of the workforce being laid off.
Via: Spotify
#Spotify #saved #bankruptcy #Atomix