Spotify mentioned on Wednesday it might roll out new options like good shuffle and previews of podcasts and music playlists on its audio streaming platform, because it crossed 500 million in month-to-month lively listeners.
The Swedish firm, which has invested closely in build up its podcast and audiobooks enterprise lately in a bid to draw customers and advertisers, introduced the “new re-imagined user interface” at its Stream On occasion.
Spotify additionally shared an replace to its annual music royalties report, noting that the variety of artists making over $1 million (roughly Rs. 8 crore) in addition to these producing over $10,000Â (roughly Rs. 818,500) had greater than doubled prior to now 5 years.
Earlier this yr, Spotify mentioned it might tighten spending and work to change into environment friendly given the powerful macroeconomic backdrop and projected the variety of listeners would attain 500 million within the present quarter.
Features like autoplay for podcasts, customized visible and audio previews of podcast episodes and audiobooks or music playlists, and new feeds for discovery shall be rolled out in waves beginning Wednesday, Spotify mentioned.
Back in January, Spotify mentioned it might minimize 6 p.c of its workforce and would take a associated cost of as much as almost $50 million (roughly Rs. 408 crore), including to the huge layoffs within the know-how sector in preparation for a attainable recession.
The tech business is dealing with a demand downturn after two years of pandemic-powered progress throughout which it had employed aggressively. That has led companies from Meta to Microsoft to shed 1000’s of jobs.
“Over the last few months we’ve made a considerable effort to rein in costs, but it simply hasn’t been enough,” Chief Executive Daniel Elk mentioned in a weblog submit saying the roughly 600 job cuts.
© Thomson Reuters 2023
