Hi, this is Wayne again with a topic “Spotify is no longer just a music service”.
The last six months have seen a lot of drama in the world of streaming music. Taylor, Swift, pulled her catalog from Spotify. A bunch of big artists got together in launch title and YouTube decided that I would get in on the streaming music game as well. What happened today was modified diversified into video podcasts and fitness so a spot. If I had a bunch of big announcements today in New York, they’re, adding video they’re, adding podcasts and they’re, adding this beat-matching sort of fitness stuff into the app we’ve seen Spotify do streaming.
Music and we’ve also seen that it’s incredibly difficult to make a profit doing that Spotify revenues have grown to over a billion dollars, but their losses have grown even faster. Today’S announcement was really about Spotify becoming a diversified media platform. Now they can run ads in a video, they can sell people on health and fitness services and of course they can do podcasts, which is a great complement to the audio stuff they already have. Spotify is now looking to take on everyone from YouTube to snapchat kind of a new media mobile company, not just a music streaming service.
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