The Popular streaming platform has been worth billions recently. The company was founded initially in Sweden by Daniel Ek and Martin Korentzon which initially started as a small startup or as we all know now similar to a “small business”. Due to the high usage of pirated music sources from the web, In 2006 the app we all love Spotify was developed.
Within 2 years after launch, they started offering the advertisements we hear now if we use a normal subscription to switch to the premium plan which is an ad-free plan and has unlimited music download. The main of the company was to stop the usage of pirated music sources and also create a profit to the music industry.
Even after such good plans and methodologies the company still faced a huge loss of $4.4 million in the year of 2008. Soon as it started expanding worldwide, Spotify received fund from various countries. One of the biggest funds was when Spotify launched in the year 2011 in the USA, Spotify received a huge $100 million funding and investment.
Now Spotify has over 25 billion hours of music streaming and additional services such as podcasts and other update. The company has come through a lot of ups and downs to reach the place where it stands today even between its rivals such as Apple Music, Spotify still stands up as it is easily accessible to the android users which is one of the majority users of the app.
The company receives a lot of criticism on how it will last and what it will do when the other competitors over power them. The company is now slowly working its way into a variety of new plans and even into Amazon’s Alexa!