Everyone loves free music and rarely do people pay for music anymore. The last time I paid for music was because I got a free iTunes gift card and that was years ago. I used to download music and then play it off of my laptop, which I still do on occasion, but mostly I use apps to stream my music. These are also free ways to listen to music. One of the apps that I use is called Spotify. Spotify has experienced some rapid growth and spread around the world, an is now available in 58 countries. The app has access to over 30 million songs.
Spotify makes money two ways. Ninety one percent of their revenue comes from subscriptions and the rest comes from adds. However you can still stream music for free on the app, which has caused a good deal of controversy in the music industry. Taylor Swift removed her music from the app, because of this. Spotify is reportedly up to $1.3 billion in revenue, which is up 45 percent from last year. However at the same time Spotify reported net loses of $197 million.
Despite Spotify’s losses and debate with the music industry, I don’t think Sopity will disappear any time soon. There are other apps like Pandora and SoundCloud that are like Spotify, but Spotify has continued to grow quickly and covers a very large area. Spotify is also reportedly working on adding video to the app. Even if Spotify does fade away there will always be some place to get free music, whether it is legal or not.