Sunday, December 10, 2023

Spotify Now Has Half a Billion Monthly Active Listeners

Spotify stated on Wednesday it might roll out new options like good shuffle and previews of podcasts and music playlists on its audio streaming platform, because it crossed 500 million in month-to-month lively listeners.

The Swedish firm, which has invested closely in build up its podcast and audiobooks enterprise lately in a bid to draw customers and advertisers, introduced the “new re-imagined person 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 up to now 5 years.

Earlier this 12 months, Spotify stated it might tighten spending and work to turn into environment friendly given the powerful 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 will probably be rolled out in waves beginning Wednesday, Spotify stated.

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

The tech trade is dealing with a requirement downturn after two years of pandemic-powered progress throughout which it had employed aggressively. That has led companies from Meta to Microsoft to shed 1000’s of jobs.

“Over the previous couple of months we have made a substantial effort to rein in prices, however it merely hasn’t been sufficient,” Chief Government Daniel Elk stated in a weblog put up saying the roughly 600 job cuts.

© Thomson Reuters 2023

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