Spotify Technology S.A. is an international media services provider. It is legally domiciled in Luxembourg and is headquartered in Stockholm, Sweden. The company was founded by Daniel Ek, former CTO of Stardoll, and Martin Lorentzon, co-founder of TradeDoubler. Spotify currently has 44 offices that operate internationally.
Founded in 2006, the company's primary business is providing an audio streaming platform, the "Spotify" platform, that provides DRM-restricted music, videos and podcasts from record labels and media companies.
As a freemium service, basic features are free with advertisements or automatic music videos, while additional features, such as offline listening and commercial-free listening, are offered via paid subscriptions.
Unlike physical or download sales, which pay artists a fixed price per song or album sold, Spotify pays royalties based on the number of artist streams as a proportion of total songs streamed. It distributes approximately 70% of its total revenue to rights holders, who then pay artists based on their individual agreements.
Launched on 7 October 2008, the Spotify platform provides access to over 50 million tracks. Users can browse by parameters such as artist, album, or genre, and can create, edit, and share playlists.
Spotify is available in most of Europe and the Americas, Australia, New Zealand, and parts of Africa and Asia, and on most modern devices, including Windows, macOS, and Linux computers, and iOS, and Android smartphones and tablets. As of February 2020, the company had 271 million monthly active users, including 124 million paying subscribers.
According to statista and en.wikipedia