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Spotify: Product Developments: Difference between revisions
Spotify: Product Developments (view source)
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See also: [https://forum.investmentwiki.org/t/spotify-product-developments/179 Discussions] | See also: [https://forum.investmentwiki.org/t/spotify-product-developments/179 Discussions] | ||
=== December 2023 === | |||
December 14, 2023: Spotify confirmed to Techcrunch that it's testing a new feature that enables users to '''create playlists using AI technology and prompt'''s. “We routinely conduct a number of tests. Some of those tests end up paving the path for our broader experience and others serve only as an important learning,” a Spotify spokesperson said. “We don’t have anything further to share at this time.” Techcrunch reported in October that Spotify was testing the feature, citing screenshots of the feature shared by tech veteran Chriss Messina<ref>https://techcrunch.com/2023/12/14/spotify-confirms-test-of-prompt-based-ai-playlists-feature/?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAACR_eY3LQa_kiFgvKgQb8y0UvJv9Q6vOorFb4VrRoF56Zwbah1dUZKXicO39mQ01iE0ik6hFB2Vi3lf1Ua4nFxjI7-DdeVabtJEWqqcaYjTr5Jtd-JtWAjMs2BhBH6odf82vWsRzJrsYBql6lU4Snf__mU3mCRhsNew2Png4NGia</ref>. | |||
=== November 2023 === | === November 2023 === | ||
November 21, 2023: Spotify confirms Music Business Worldwide (MBW) report that said the company will come up with '''a new royalty payment model''' that would see migration of $1 billion to the right artists in the next 5 years<ref>https://artists.spotify.com/blog/modernizing-our-royalty-system</ref>. | November 21, 2023: Spotify confirms Music Business Worldwide (MBW) report that said the company will come up with '''a new royalty payment model''' that would see migration of $1 billion to the right artists in the next 5 years<ref>https://artists.spotify.com/blog/modernizing-our-royalty-system</ref>. | ||
November 16, 2023: Spotify '''will launch its | November 16, 2023: Spotify '''will launch its podcast advertising marketplace in five new markets''', including Sweden and India. Launched in 2021, Spotify Audience Network, which helps podcasters monetize their content, is available in nine countries such as the United States and Germany. "We often hear from our customers that they have been reticent to invest in podcasts because of the lack of audience targeting and challenges reaching podcast listeners at scale," Brian Berner, global head of advertising sales at Spotify, said. "The Spotify Audience Network addresses these two challenges head-on."<ref>https://finance.yahoo.com/news/spotify-launches-podcast-ad-marketplace-120200338.html</ref> | ||
November 16, 2023: | November 16, 2023: To improve discovery and personal recommendations of audiobooks and podcasts, Spotify '''will use Google Cloud Large Language Models (LLMs)''' to identify users' listening habits. Currently, new podcasts and audiobooks are suggested to users on Spotify's home screen and the “More like this section” feature, which have not been very reliable<ref>https://www.theverge.com/2023/11/16/23963112/spotify-podcast-audiobook-discovery-personalized-recommendations-google-cloud-ai</ref>. | ||
November 14, 2023: Spotify users can now '''save music they hear in TikTok directly to Spotify'''. Currently, the feature is only available to Spotify free and premium users in the | November 14, 2023: Spotify users can now '''save music they hear in TikTok directly to Spotify'''. Currently, the feature is only available to Spotify free and premium users in the UK and U.S. “No matter where you are, or the moment you’re in, we want to create less work to get to the audio you love,” says Sten Garmark , Vice President, Global Head of Consumer Experience at Spotify. “That means being everywhere our users are and creating seamless ways to save songs to Spotify to enjoy when and how they choose to listen.”<ref>https://newsroom.spotify.com/2023-11-14/tik-tok-integration-save-to-spotify-liked-songs/</ref> | ||
November 8, 2023: Spotify '''premium users in U.S''' join those in the U.K and Australia in enjoying the '''15-hour free | November 8, 2023: Spotify '''premium users in the U.S''' join those in the U.K. and Australia in enjoying the '''15-hour free audiobook''' listening time per month. Users who exhaust the 15 hours before the month ends can purchase 10 additional hours. The audiobooks include over 70% of bestselling titles such as Britney Spears’ ''The Woman in Me'', Jesmyn Ward’s ''Let Us Descend'' , Paulo Coelho’s ''The Alchemist'' and Emily Brontë’s ''Wuthering Heights''. Spotify’s survey of 1,000 American adults found that 72% of Gen Z and Millennials listen to audiobooks and 70% of audiobook listeners are more likely to listen to additional audiobooks after listening to one<ref>https://newsroom.spotify.com/2023-11-08/audiobooks-us-spotify-premium-users/</ref>. | ||
=== October 2023 === | === October 2023 === | ||
October 24, 2023: According to Music Business Worldwide (MBW), Spotify plans to come up with a '''new royalty payment model''' in Q1 2024 that would see migration of USD $1 billion to ‘legitimate’ artists and rightsholders in the next 5 years through the following ways<ref>https://www.musicbusinessworldwide.com/spotify-is-changing-its-royalty-model-to-crush-streaming-fraud/</ref>; | October 24, 2023: According to Music Business Worldwide (MBW), Spotify plans to come up with a '''new royalty payment model''' in Q1 2024 that would see the migration of USD $1 billion to ‘legitimate’ artists and rightsholders in the next 5 years through the following ways<ref>https://www.musicbusinessworldwide.com/spotify-is-changing-its-royalty-model-to-crush-streaming-fraud/</ref>; | ||
* Introducing a minimum number of streams per year that must be reached by an artist before starting to earn royalties, a move that will demonetize 0.5% of Spotify's royalty pool, resulting to diversion of tens of millions of dollars to more popular artists. “ In aggregate, these tracks generate royalties that add up to tens of millions of dollars a year, and that number is only growing," a source told MBW. “Next year, without taking this action, Spotify thinks they would have generated around $40 million.” | * Introducing a minimum number of streams per year that must be reached by an artist before starting to earn royalties, a move that will demonetize 0.5% of Spotify's royalty pool, resulting to diversion of tens of millions of dollars to more popular artists. “ In aggregate, these tracks generate royalties that add up to tens of millions of dollars a year, and that number is only growing," a source told MBW. “Next year, without taking this action, Spotify thinks they would have generated around $40 million.” | ||
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* Spotify will fine music distributors for fraudulent activity detected in their tracks. | * Spotify will fine music distributors for fraudulent activity detected in their tracks. | ||
* Introducing a minimum length of play time for non-music content that must be reached | * Introducing a minimum length of play time for non-music content that must be reached to earn royalties. Currently non-music content earns royalty in every 31-second interval. | ||
“We’re always evaluating how we can best serve artists, and regularly discuss with partners ways to further platform integrity," Spotify spokesperson said when contacted for a response. “We do not have any news to share at this time.” | “We’re always evaluating how we can best serve artists, and regularly discuss with partners ways to further platform integrity," Spotify spokesperson said when contacted for a response. “We do not have any news to share at this time.” | ||