Spotify still conquering the world

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(ETX Daily Up) – Spotify continues to think big. The Swedish music streaming giant has just announced its arrival in six new countries, including Iraq, Libya, Tajikistan and Venezuela. This extension aims to introduce its platform “to more than a billion people around the world.”

Spotify had announced in February a “spectacular global expansion”. Ten months later, she arrived. The music streaming platform is now accessible in Iraq, Libya, Tajikistan, Venezuela, Congo-Brazzaville and the Democratic Republic of Congo. The company announced on its blog that its free and premium services are available in these six markets. An initiative that allows him to “make the music and sounds of more people, places and cultures better known to listeners around the world.”

A selection of playlists was thus created to highlight the sounds of these territories. “Made in Venezuela” highlights Venezuelan artists like Danny Ocean and Franco de Vita, while “أفضل الأغاني العراقية” pays homage to Iraqi talents such as Aseel Hameem and Evan Naji. A boost to propel the international careers of these artists, according to Spotify. “The rich musical cultures existing in each of these markets will now be able to reach Spotify’s global audience,” the company explains on its blog. “All this untapped musical energy and access to our innovative creative tools will help artists reach new heights and allow them to turn their passion into a profession.”

YouTube Music is gaining ground

Spotify’s international expansion strategy comes after the company founded by Daniel Ek reported third-quarter net profit of $ 2.5 billion, up from $ 2 billion at the same period last year. This growth is also reflected in the number of monthly users: it increased by 19% to reach 381 millions. Same trajectory for its premium subscribers, who are now 172 millions.

If Spotify returns to profitability in the third half of the year, it operates in an increasingly competitive environment. Rivals Apple Podcasts and Amazon Music are stepping up their efforts in the podcast market, while YouTube Music is increasingly eyeing labels and artists. Justin Bieber, Olivia Rodrigo and Indochine have all aired exclusive performances there in recent months. A nice revenge for the Google subsidiary, long considered one of the great enemies of the music industry.

Launched in 2018, YouTube Music in September exceeded 50 millions of subscribers to its paid services. That is 122 millions less than its competitor and leader in music streaming, Spotify. But Google’s service is gaining ground, especially among young people. So much so that Mark Mulligan, analyst at the firm Midia Research, affirms that “YouTube Music fast becoming for ‘generation Z’ what Spotify was for ‘millennials’ five years ago. ”Something to worry about the world leader in music streaming.

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