The famous music platform “Spotify” or Spotify Technology SA is planning a major portion into introducing live audios. It is hoping to corner the marketplace on what it thinks could be its next big product feature or business.
This is one of the biggest challenges to achieve and the company is working constantly towards making it real. It aims to hire 100+ people to work on the effort. It has already begun talking to experts or talents about extrusive shows stated by the people familiar with the matter.
Other than this the company is already on its path to grow, expand and come up with something different to serve people other than with music.
In March 2020, it announced to acquire Betty Labs which is the owner of the locker room application which sports journalists and fans used to talk about major games after they happen.
The company is already analyzing and discussing with the host of its in-house podcast about developing ideas for the new version of the application.
We all are familiar with and use Spotify and it is one of the largest on-demand music services all over the globe which is trying to dominate all aspects of online audio as soon as possible.
Spotify has integrated more than 1 billion dollars buying podcasting ventures for companies and adding more than 2 million podcasts to its platform. The major objective and expectation behind this are that it will bring in new customers and fuel its advertising sales as it has also added audiobooks to its library.
Until now it’s not clear how big the business for these live audio applications will be and the company doesn’t want to risk missing out on a potentially major shift in the industry. One of its tribal Clubhouses which already gained an early reputation for hosting conversations about investing and take just raised funds to its social audio application which is having an evaluation of four billion dollars.
The company’s top podcast executives or controllers involved Courtney Halt, Max Cutler, and Bill Simmons overseeing the programming for live audio application. The cutler found Parcast, it is a podcasting studio45 acquired in 2019 and he is also in charge of audiobooks.
To make it more interesting the head of research and development Gustav Soderstrom suggested that the musicians might use the application to offer the modern version of liner notes on any album. He also added interactivity and live is something creators have been asking us for a long time and we are trying to facilitate interactivity between creators and their fans.
Talking about its rival clubhouse which experienced a slowed growth when many of the largest technology companies namely Twitter Facebook came into the market. But on the other hand, Spotify may have a shining hope. Unlike Facebook or Twitter which don’t have much of an audio business currently, Spotify is already the top audio service and the marketplace which will go in its favor.
