Spotify is expanding even further with the release of new features that allow users to interact with each other, as well as podcaster on the platform.
👉 Background: Spotify has become the GOAT of all things audio over the past 18 years - from music streaming to podcasts and now even audio books. And through these evolutions, Spotify has managed to grow to over 615 million monthly active users and 239 million paying subscribers.
👉 What happened: Now, Spotify is expanding even further with the release of new features that allow users to interact with each other, as well as podcaster on the platform. And this is starting to feel more social network-y than ever before.
👉 What else: Late last year, Spotify added Spotify Clips which is like Instagram Stories. While these interactions are only available for podcasters right now, they may also roll it out for music artists too. But Spotify isn't calling itself a social network...yet!
💡If it looks like a social network, acts and quacks like a social network, it’s probably going to become one.
💡Spotify is trying to become an app where users are actively engaged in order to compete for their users’ social time. The idea would be to eventually turn this engagement into ad dollars. In fact, Spotify generated 1.7 billion euros worth of ad revenue in 2023 for over 600 million users.
💡Compare that to X, which also has around the same number of users, who made over $4.4 billion USD in revenue in 2022. So TikTok, Meta and X may be shakin' in their musically-minded booties.
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