Sweden-based Spotify is easily one of the most popular companies in the world, famous for its clean-cut user interface coupled with its excellent audio streaming service. However, it has never been something we Pakistanis could enjoy. After all, it simply wasn’t available in our geographic location. But is that going to change sooner than we think? The music streaming company recently created a verified Instagram account entitled Spotify Pakistan, and even though there are no posts yet, the account has already garnered more than 14,000 followers (while Spotify owns nine percent of Chinese Company Tencent Music Entertainment). More will continue to pour in, as the hype surrounding Spotify’s long-awaited arrival in Pakistan increases.
How much is Spotify worth? . Spotify has announced its earnings for 2020, reporting a revenue of $2 billion US Dollars and a positive net income of $1 million US Dollars. The figures beat analyst’s predictions, which expected Spotify to secure a revenue of $1.86 billion US Dollars. Spotify CEO Daniel Ek (net worth $4.5 billion USD) joined Music Ally for a recent interview to talk about the company’s success and their plans for the future. Is Spotify in loss?But the company proceeded to report a 21% year-over-year loss in advertising revenue, as well as a 9% year-over-year drop in its premium monthly average revenue per user and overall in 2020, the NYSE-listed Swedish company posted a loss of $419 million Dollars.In spite of competition from rival services like Apple Music, Deezer, and YouTube Music, Spotify remains hugely popular due to its extensive library of songs. Earlier this year, it launches across 13 new markets in Europe, and if the Pakistan announcement is anything to go by, the company will continue to expand its services across the world. Currently, Spotify has a total of 144 million subscribers. With over 60 million tracks and four billion playlists to choose from, users can easily download their favorite songs and podcasts on their devices and immerse themselves in a brilliant audio experience.
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