In the face of growing competition, Spotify has prioritized increasing profits through price increases while juggling user growth.
In an effort to draw in more customers and stave off competition, Spotify will begin introducing a messaging tool to both its free and premium subscription tiers. Users will be able to communicate and share music with Spotify users they have connected with through the messaging tool, the Swedish company announced on Tuesday.
Beginning this week, it will be accessible on mobile devices in a few markets for users who are 16 years of age and older.
A comparable messaging tool was previously available on Spotify, however it was discontinued in 2017 due to limited user interaction. This time, the corporation is relying on the recent surge in customers to bring the feature back and gain market share.
In the face of growing competition from rivals like YouTube, Amazon Music, and Apple Music, the corporation has been concentrating on increasing profits through price increases while juggling user growth.
According to a Financial Times article on Sunday, the music streaming service, which had 696 million monthly active users in the second quarter, is spending money on new features as it aims to reach 1 billion. Through a partner program that provides podcast creators with revenue-generating opportunities, it has been growing its collection of video material.
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