In times of pandemic, several companies have reinvented themselves and Spotify was no exception. Recently, the company bet on the organization of virtual concerts in which artists such as The Blacks Keys and Leon Bridges participated, having sold tickets online for these concerts.
Thus, following this new service, Spotify intends to start selling tickets for both physical and virtual concerts, thus increasing its revenue.
With this new strategy, Spotify will also be helping the artists themselves as it will start promoting different shows all over the world. Since Spotify has data on music consumption, bands can choose to perform in venues where they have not yet performed due to lack of awareness of the existence of fans.
Since the streaming giant’s relationship with artists has not been the best, Spotify can, with this new strategy, be seen as a partner.
Spotify’s new functionality can help to attract more followers as music professionals, making it more competitive and constituting an even stronger competitor to Apple and Amazon.
remember that a few weeks ago, the Spotify launched Greenroom in order to take advantage of the audio trend with regard to social media, popularized by the newly launched Clubhouse. In addition to this bet and virtual events, the company has been betting on poadcast. By the end of 2021, Spotify could overtake Apple as the top podcast player.
Currently, the company has about 356 million monthly active users and 158 million subscribers in its premium version.