In an announcement in a live-streamed event, Spotify says its planning to expand its services to 85 new markets. The new launches, which will follow its earlier expansion drive, will mean the company’s services will be available to over a billion extra people.
Spotify has already gained millions of new subscribers in its recent expansions in India, the Middle East, and Russia. Now, it will go further and will make its online app available to consumers in new markets in Asia, Africa, the Caribbean, and the Pacific.
Some of the countries include Pakistan, Bangladesh, and Nigeria, which, as Spotify pointed out, have some of the fastest-growing populations and are experiencing a surge in internet users.
In the live event, which featured Prince Harry, Meghan Markle, and Justin Bieber, Spotify’s spokesperson Alex Norstrom announced the news, adding that “these markets represent more than a billion people, with nearly half of them already using the internet.”
Since the company started over ten years ago in Sweden, it has managed to reach 245 million monthly active users in 93 countries. Despite facing some criticism over streaming royalties, the app has remained popular, and its profits have steadily grown over time.
In addition to the news of the expansion, Spotify also announced new features to its app, including an upgraded subscription service with enhanced sound quality and a new advertising marketplace for podcasts.
The company has spent millions of dollars in recent years to boost its range of podcasts. It now has over 2.2 million titles and is in the process of making new deals with creators.
The marketplace will allow advertisers to buy exclusive and independent podcasts. Podcasts are now an essential part of the company’s marketing strategy, so it’s important that it finds new ways to maintain its position and differentiate itself from the competition.
Plus, as Spotify has no plans to raise its subscription prices, this, along with new audio content like audiobooks and meditation, is another way to increase revenue.
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