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Keeping The Beat On: A Case Study of Spotify
The music industry has faced a tremendous change ever since the emergence of streaming. People now had access to unlimited music to listen to and share with others, which is a great concept. As companies started to invest in the future of streaming, many platforms were created, one of them being Spotify. Standing amidst a crowd of competitors, Spotify managed to climb to the top and comfortably remain there over the years (listed on the NYSE and having 120 employees; IPO share price (3rd April 2018) = 169.9 US Dollars and share price of 319.77 US dollars on 4th December 2020). However, it was not easy. Being one of the top streaming platforms in the industry requires effort, investment, adaptation and innovation, and exceptional management. This study analyses in-depth the aforementioned aspects, as well as the company’s business models and its revenue, which combined, led Spotify to where it is today. A survey with 498 answers was performed regarding Spotify, and the results were analyzed by using descriptive and inferential (Chi-Square test) statistics. We thus conclude that there does seem to be an association (statistically significant at the 0.1% level) between age and the use of Spotify. Overall, Spotify’s business model is one of the best in its field and is constantly evolving, which is what is to be expected of a company that seeks the top spot on the podium.