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Spotify: Product Developments: Difference between revisions
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== 2024 == | == 2024 == | ||
=== February 2024 === | |||
February 1, 2024: Spotify introduces “Share Track Lens”, a new feature that enables users to share songs on Snapchat. "The new “Share Track Lens” lets you capture the world around you on camera and easily share a track you’re loving. The lens will overlay the song title, artist name, cover art, and a link to listen to the track on Spotify, " Spotify wrote<ref>https://newsroom.spotify.com/2024-01-31/raise-your-snapchat-game-with-spotifys-new-snapchat-sharing-lens/</ref>. | |||
=== January 2024 === | |||
January 24, 2024: Spotify said the DMA Act will pave way for Superfan Clubs. "Thanks to the DMA we’re looking forward to a future of superfan clubs, alternative app stores, and giving creators the ability to safely download Spotify for Artists or Spotify for Podcasters directly from our site—and that’s just the start."<ref>https://newsroom.spotify.com/2024-01-24/the-dma-means-a-better-spotify-for-artists-creators-and-you/</ref> Superfan Clubs has been gaining a following lately, with Warner Music Group and Universal Music Group saying they will focus more on it in 2024<ref>https://www.musicbusinessworldwide.com/did-spotify-just-confirm-that-superfan-clubs-are-coming-to-its-platform</ref>. Superfans are users willing to pay more for anything related to their favourite artists<ref>https://amplifyyou.amplify.link/2024/01/music-superfans/#:~:text=Simply%20put%2C%20superfans%20are%20a,go%20to%20a%20live%20show.</ref>. According to Goldman Sachs's projections, Superfans could account for 20% of total music premium subscribers in 2024 and their total addressable market (TAM) is $4.2 billion. Goldman Sachs forecasts that monetization of Superfans could bring in $2 billion in additional revenue to streaming platforms by 2027 and $4 billion by 2030<ref>https://www.goldmansachs.com/intelligence/page/music-streaming-services-are-on-the-cusp-of-major-structural-change.html</ref>. | January 24, 2024: Spotify said the DMA Act will pave way for Superfan Clubs. "Thanks to the DMA we’re looking forward to a future of superfan clubs, alternative app stores, and giving creators the ability to safely download Spotify for Artists or Spotify for Podcasters directly from our site—and that’s just the start."<ref>https://newsroom.spotify.com/2024-01-24/the-dma-means-a-better-spotify-for-artists-creators-and-you/</ref> Superfan Clubs has been gaining a following lately, with Warner Music Group and Universal Music Group saying they will focus more on it in 2024<ref>https://www.musicbusinessworldwide.com/did-spotify-just-confirm-that-superfan-clubs-are-coming-to-its-platform</ref>. Superfans are users willing to pay more for anything related to their favourite artists<ref>https://amplifyyou.amplify.link/2024/01/music-superfans/#:~:text=Simply%20put%2C%20superfans%20are%20a,go%20to%20a%20live%20show.</ref>. According to Goldman Sachs's projections, Superfans could account for 20% of total music premium subscribers in 2024 and their total addressable market (TAM) is $4.2 billion. Goldman Sachs forecasts that monetization of Superfans could bring in $2 billion in additional revenue to streaming platforms by 2027 and $4 billion by 2030<ref>https://www.goldmansachs.com/intelligence/page/music-streaming-services-are-on-the-cusp-of-major-structural-change.html</ref>. | ||