Spotify is an entertainment company from Sweden that offers digital music services for the user to get access to several millions of songs. The company was launched in 2008 and is currently available in over 65 regions with more than 180 million users. Let’s find out how much is the net worth of Spotify in 2020.
Foundation of the company
The company was founded in Sweden in 2006 by Martin Lorentzon, who is one of the founders of TradeDoubler and Daniel EK who was a former star doll of CTO. The company’s name came from the etymology of combining the word ‘Spot’ and ‘Identity’.
In 2008, the company was officially launched. The launch marked the opening of the paid subscription to the public, but free accounts were still available through invitation. These free accounts were to help manage the services growth.
The company started offering free services to their customers in the UK in 2009 and had Christmas offers on their services. Although it was a challenge at first, they still made much progress. They continued to launch their services to different regions around the world like the United States, Spain, Italy, Germany, Rome, among many others.
The company was growing very fast and more and more people were needed to meet the increasing demands of their services. Many job opportunities were created that benefited the youths who were not employed. The company had also signed deals with leading music labels and in 2015, Ed Sheeran’s song titled ‘Thinking Out Loud’ broke the first record of the number of streams. It had over 500 million streams.
Since then, many songs have broken the records with millions and millions of streams. The number of the users has increased massively as a result of the company’s wide network. The number of the total active users as of 2018 has risen to 180 million. 83 million out of them are paying subscribers. Following its success, Spotify has partnership deals with companies like Sony, Discord, TME, among many others.
The fact that Spotify is available in over 65 regions is a great achievement in the entertainment industry. Apart from that, the company was in 2010 named as the 2011 Technology Pioneer by World Economic Forum. In 2017, it topped the list of the most downloaded apps in USA on IOS Platform.
Net worth and Earnings
The net worth of the Multi-National company is estimated to be over $25 billion. This massive fortune is as a result of the company’s success over the years. The company offers the latest music to their users, and their value keeps rising by the day. They have a very large number of paying users and all this amount to their huge worth.
Spotify offers digital music services to its users on their computers, phones, Ipad among others and they are at the forefront in offering these services. The company has risen to a very high level in the entertainment industry. They have also promoted musicians through providing their music on their platform. Spotify is widely spread, and we hope it continues to spread.