Since its launch, Spotify has become one of the most preferred platforms to stream music on from a listener’s point of view, and hence it has grown to provide a reach/distribution network to a wide audience.
Due to this, there is a very high focus on ensuring the presence of any new single on the platform, for artists and labels. Conscious efforts are taken to ensure that a listener actually does stream the track on Spotify. This is achieved through various steps – be it using social media advertising to drive traffic to Spotify, press releases consistently featuring the Spotify streaming link and so on.
Such trends have led to Spotify’s market value reaching $28 billion as of April 2018, and they have projected a significant rise in their number of premium subscriptions by 2020. What is interesting is that while the platform has tracks across genres, the rise of the platform is heavily in sync, with the rise of electronic dance music across the globe, and hence it is one of the most heavily consumed genres on the platform.
An example of such streaming would be, the ‘mint’ electronic playlist, which stands at number 6 amongst the most popular playlists with a following of 5 million, as well as approximately 126 K listeners.
Another interesting fact is that the MIDiA research estimates that 27% of all the tracks streamed on the platform belong to EDM/Electronic/House. In addition to that, amongst all the singles that have achieved 1 billion streams on Spotify, The Chainsmokers are the third act to achieve more that 1 billion streams for more than one single, after Ed Sheeran and Justin Bieber.
It is going to be interesting to see how much the platform continues to grow, with the expansions that they have planned for this year in newer markets.
On a slightly related note, check out our Spotify playlists, here.
Source: IMS Business Report 2018
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