Spotify is Becoming the Backbone of the Music Industry

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With the likes of NOTD, Lauv, Axol, and Khalid becoming rising superstars due to the streaming industry, I decided to take a look at how Spotify is integrating into modern day culture.

With over 60 million paying subscribers, it has quickly become one of the hottest platforms for music releases. Whether you listen to John Legend or Kygo, I think it’s pretty easy to agree on Spotify being a slang term for the current state of the music industry.

Daniel Ek, CEO of Spotify, alongside EDM curator Austin Kramer, have undoubtedly become some of the most influential people of modern culture. Gone are the days in which we download individual songs to your phone. Gone are the days where we would go to a CD store to purchase the brand new single from Swedish House Mafia or Avicii. Being totally honest, I believe that traditional albums are now rendered obsolete due to the increasing popularity of EP’s and playlists.

After all, the rapid technological innovations of the music industry by Spotify have enabled us to become a part of music culture on a scale never seen before. We can now connect with artists on a personal level & even stream music whilst in the middle of the rainforest (I did it last week).

Earlier this month, the streaming giant launched a new service: RISE – a platform for emerging artists to be promoted by Spotify. Musicians selected for the program will receive priority playlisting, TV sync deals, and also performances at live events. Essentially, Spotify is launching these emerging artists into the heart of the music industry.

With a current valuation of around $20bn, it is unsurprising that the streaming platform is growing at such an amazing rate. But with the emergence of its new talent incubator, and the constant evolution of its streaming features, one can only imagine the possibilities for this digital giant.