Spotify Reports Music Earnings Of More Than €1B
Spotify announced record profits of more than €1 billion (£860 million) after increasing subscription pricing, laying off employees, and cutting expenses everywhere.
The company’s expansion coincides with the music industry’s continued dominance of streaming, which has expanded to provide podcast and audiobook access to its users. With over 615 million members worldwide as of right now, the Swedish corporation has made significant financial investments to build the brand since its 2006 start.
Reports of the profit, however, follow a year in which the brand reduced expenses and let go of employees. 1,500 jobs were believed to have been lost in the most recent round of layoffs at Spotify, which employs about 9,000 people. Additionally, it follows reports that all songs on the platform with fewer than 1000 plays were formally demonetized by the streaming service.
April 1st saw the implementation of the policy, which was first announced in a study published by the streaming behemoth last year titled “Modernising Our Royalty System.” The platform has long since scheduled the change. The service’s reported profits are also significant given the recent announcement that it will be hiking the monthly premium membership fee once again.
The new rules follow months of speculations on new guidelines that the streaming service will implement, including allegations that it would make it more difficult for musicians to receive royalties from their recordings.
Spotify Jam: Spotify Reveals New Personalized Feature To Listen To Music With Friends
According To Reports, Kanye West And G.O.O.D. Music Are No Longer Affiliated With Def Jam
Tems Slams Misquoted Reports On Her Views About Nigerian Music
Marlian Music Signee, C Blvck Breaks Silence Amid Reports Of Being Paralyzed; Seeks Justice For Mohbad
Judge Permits Kodak Black To Perform In Dubai, Granted Percentage Of Earnings Go To Charity
Blueface Flaunts Monthly Earnings From OnlyFans
Earnings From Kanye West & Ty Dolla Sign “Vultures 1” Listening Party Revealed
Meek Mill Wants To Donate 10% Of His Earnings To Combating Gun Violence In Philadelphia
Davido Discloses His Birthday Present From Fans And Earnings Made From His MSG Show
Mother Of Dead 12-Year Old Chrisland Student Gets Autopsy Reports; Reveals Child Didn’t Die “How The Management Is Saying,” Calls For Alarm
