Tech

Spotify Reportedly Plans New Version Of Its Free Music Service

Spotify Reportedly Plans New Version Of Its Free Music Service

The company expects to touch 200 million users by the end of the year with an estimated paid subscriber base of 96 million, according to a March forecast, as reported by Bloomberg. For Spotify, growing its free user-base is essential for long-term success so it can turn subscribers who are already on the platform into paying ones. Some music also hits the free service a little later than the paid one, and a limited number of songs are entirely unavailable on the free plan. Also, those new customers, on top of old ones, need to be convinced to stay, and a much-better free tier is one such way to make them continue as patrons.

Bloomberg notes that less than half of the company's customers are premium users - yet 90 percent of Spotify's €4.09 billion revenue in 2017 was generated by its free user base.

This model has worked well. Spotify's revenue model has been to attract customers for its free service, who would then support the platform by upgrading to a premium account.

Spotify's unconventional IPO approach raised many eyebrows, but the music streaming service remained unaffected by the stunned Wall Street analysts. Typically, a Premium membership costs $9.99/month so Plus members essentially get it for a dollar cheaper. The growth of paid streaming has boosted music industry sales for three years in a row.

The bundle will officially become available this summer but those who already have Spotify Premium will be given early access starting today with the option to trial Hulu for just.99 extra for three months. File
Spotify Reportedly Plans New Version Of Its Free Music Service

Spotify has otherwise resisted calls to change the free service, insisting it needed a compelling offering to compete with YouTube, the world's most popular video site.

The report further revealed that the new version of the Spotify app will extend one of its on-demand features to free users, so they can access playlists quickly and have better control over the songs they hear on top playlists.

The music industry has been gossiping about Spotify's plans since it invited members of the media to an announcement scheduled for April 24.

Reports claim that Spotify is gearing up for an improved version of its service for free users. The company has been hiring executives who specialize in hardware at the same time rivals Apple, YouTube parent Alphabet and Amazon are selling new home speakers.

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