Spotify celebrates its 15th anniversary on Friday. In that time frame, the Swedish tech company turned the whole music industry upside down.
Streaming services have changed the way we listen to music. Where we used to go to the store to buy a newly released album by our favorite artist, the same album is now available with a few clicks on a smartphone in our pocket.
Spotify is by far the largest music service in Europe. The platform was founded on 23 April 2006 in Sweden by Daniel Ek and Martin Lorentzon. The name of the streaming service is a contraction of the English words spot and identify. The company means that you can spot or identify a song that you had long forgotten through the music platform.
Every month around 345 million people worldwide listen to music or podcasts via the streaming service. The number of people with paid subscriptions has grown to 155 million.
The advent of Spotify has changed many things. So you can now listen to a playlist that fits your mood in no time, for example happy or sad. You don’t have to burn a CD for that anymore.
The platform has also stopped the illegal downloading of music. In 2019, 77 percent of the Europeans reported that they would no longer download illegally, mainly because there are now so many legal streaming services. People who still download illegally do so less and less.
Also music used to be more expensive. While we paid 15 euros for a CD in the past, Spotify allows you to listen to unlimited music from every artist for a tenner per month.
Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to leah.kunze@economicinform.com
