- We have spoken with frontend developers to complete the user interface that we have fully developed. This design touches upon every aspect of the mobile application including, login options, site layout, mobile optimization, and so much more.
- To fuel our mobile app development, we are seeking pre-seed capital. Our financial valuation has been reviewed by financiers, providing a strong foundation for investment.
- We are developing our playlist conversion feature which will allow users to transfer entire playlists across different streaming platforms with the click of a button.
- Canada's Online Streaming Act?takes effect on September 1st. This law requires music streaming companies to contribute 5% of their Canadian revenues to organizations that support domestic musicians. Spotify has criticized this law, citing that they currently pay 8.5x more in royalties in Canada versus radio platforms. This law could potentially increase Canadian-specific prices to streaming platforms like Spotify.?
- Spotify has announced a?price increase?for subscriptions in the USA to $11.99. This decision comes after last year's price increase, positioning Spotify as the most expensive streaming platform available to American consumers. Notably, Spotify's stock value has increased over $100 in the last six months and is projected to rise further following the new price increases that take effect in July, indicating the company's strong market position and growth potential.
- Despite these price changes, Spotify maintains deep user loyalty, as it is the streaming service least likely to be canceled by American consumers. This is partially due to Spotify's extensive catalog, which has very few gaps, unlike many video streaming platforms that do not own the rights to as much content. Since the average American spends over three hours a day streaming audio, according to Forbes, this loyalty is vital. Despite rising prices and calls to end "freemium" streaming models, Spotify holds the largest share of the audio streaming market. Its popularity and loyalty among consumers make it more likely that new consumers will likely start with Spotify versus other services.?
- As?subscriber growth slows?year by year, streaming services are likely to offer new tiers and options for consumers. Experts expect this will be done to capture new segments of the market that have not been fully tapped.?
- All these industry changes came after Sony Music Group's chairman, Rob Stronger,?called for an end?to advertisement-supported music streaming.?
- Goldman Sachs' report?on the state of the music industry reported increased spending on live and physically recorded music. Despite the success of these fields, the value of streaming in forecasts tempered, and now the number is lower than initially expected.?
- Similar taxes have already been proposed in the United States, which could lead to a much more significant price increase in the near future. While Spotify has increased its prices twice in the last year, a tax in the United States - where Spotify makes a large percentage of its revenue - could be disastrous for the Swedish company. This proposal is not likely to be passed, but it does signal a changing tide in the music streaming industry. Tax proposals and calls for major industry reform have occurred in the UK, France, Canada, the United States, and elsewhere worldwide.
- As music streaming changes, the CEO of Music Protocol, Sergio Mottola, proposed this month that the blockchain could be the future of music streaming. With revenues plateauing across the industry, Mottola suggested that music could be tokenized and sold to music professionals and creative projects. Tokenization could cut down on intermediaries and boost revenues through seamless digital integration.
