Tuesday, May 11, 2021
HomeMusic NewsSpotify Sony Contract Leaked as 'Spotify Now' Rolls Out

Spotify Sony Contract Leaked as ‘Spotify Now’ Rolls Out

Spotify

Spotify is unrolling a new service called ‘Spotify Now’. This addition to the massively successful music delivery mechanism includes video streaming, as well as a handful of other new features and enhancements to existing features. Spotify is said to be worth more than $8 billion, and if they wish to retain that value, they’ll need to do continue revolutionizing their services. Adding video streaming is brilliant. Actually, in 7 years of existence, how was it that no one working for Spotify thought of this sooner? It’s not like the idea is original. There’s this other website (called YouTube) that does the exact same thing. That doesn’t mean that Spotify can’t claim their own market share.

Launching ‘Spotify Now’ is most likely a carefully timed tactic, aimed to draw media attention away from Apple’s impending release of ‘Apple Music’. An $8 billion streaming company might seem like a whale, but once Apple joins the game, (net worth: $700 billion+) Spotify will need do more than tread water. So, how much does it cost a company like Spotify or Apple to stream music owned by the world’s biggest record labels. Well, for the first time a contract has leaked. More specifically, a contract between Spotify and Sony Music. This particular deal has Spotify paying Sony up to $42.5 million in advances. The Verge goes into detail about this, and you can read more about it here.

[H/T]: Digital Music News, The Verge

Ben
I take pictures and interview people for EDMTunes.com. Based in the Philly area. Covering events and festivals in New York, Baltimore, Washington DC, Atlantic City, Philadelphia, and Las Vegas. Find me on Twitter and Instagram @reDRVFTED
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