JAKARTA As a popular music streaming platform, Spotify strives to continue to support the music industry. They have contributed since they first stood, even since the global music industry slumped.
In 2014, Spotify's annual contribution was only USD 1 billion (IDR 16.2 trillion) because at that time the number of paid subscribers was only around 15 million. However, Spotify's revenue continued to grow until the company's contribution reached USD 10 billion (IDR 162 trillion) last year.
With this success, Spotify almost contributed around 60 billion US dollars (Rp973 trillion) as a whole. The Apple Music competitor explained that the record 10 billion US dollars was able to be achieved as the number of paid users had exceeded 500 million accounts.
This success makes Spotify even more ambitious. In its official broadcast, the music app set a target for the latest number of paid subscribers. According to Spotify, "a billion paid listeners are real goals that we have to set together."
It is not certain how many years it will take to reach one billion paid subscribers. However, Spotify looks optimistic because its music streaming service has various features that encourage users to subscribe for free.
Spotify offers the best recommendations based on personalized and curated music. Users can also access supporting features such as AI DJ, Daylist, Wrapped, and many more. In fact, currently users can access non-music content.
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"We offer free ad-supported subscriptions, while some services don't. Beyond the generated ad revenue, more than 60 percent of Premium subscribers used to be free subscribers," Spotify said.
Another advantage that is considered profitable for the platform is its availability. Spotify can be found in many markets at affordable prices, adjusted to local prices. Spotify also conducts long-term investments in several countries, such as India and Brazil.
"Achieving 1 billion paid subscribers across streaming services will be a collaborative effort, which requires innovation, strategic partnerships, and a sustainable focus on providing extraordinary value to music enthusiasts around the world. This is a goal we believe we can achieve together," Spotify said.
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