This week in the Econ class the topic for debate was whether Spotify is killing the music industry or not. My team members, Chris Wade, Jasmine Shepard and I were debating against the topic that spotify is not killing the music industry.
It was a fairly easy debate for us because two of us are regular spotify users and have subscribed to their monthly premium subscription. We got the opportunity to point out some really interest facts and figures and our research only increased our knowledge about the worlds largest music streaming service.
For some of you, who don’t know, Spotify is an online and offline music-streaming platform, which was launched in 2008. It is currently the largest streaming service out there with 20 million-song catalogue and 1 billion playlists. It currently has 24 million active users and 6 million monthly subscribers. It was launched in Sweden and is now available in 54 other markets. 2013 turned out to be their biggest year with a stream count of 4,500,000,000. This streaming platform is easily accessible and has music on the go 24*7. One of the best things I find out about Spotify is the ease of discovery of new artists. Artists like Lorde, who is now on top of the billboard charts were discovered on spotify. You can easily create and share playlists on one platform.
Apart from this, what made us win the debate were the figures that Spotify is alternative to piracy. The young generation is the biggest consumer of pirated content and ever since Spotify, the piracy rate between the people from 18-29 has significantly reduced by 55%.
Despite the problem of royalty payment to the artists, Spotify has emerged as a leading platform for music streaming. Clearly, we were able strengthen our point that Spotify is NOT killing the music industry.
I really hope Spotify launches is India soon enough, else I don’t know what will I use for music accessibility and discovery when I go back to India upon graduation.
Here’s a song by an artist I discovered on Spotify