Why Does Spotify See Payments as Key to Growth?
Spotify – the world’s leading audio streaming service, sees payments as a key area for growth and has turned up the volume with Adyen.
Here is a closer look at how payments via Adyen have helped fuel the growth of Spotify.
What is Spotify?
Spotify is an online music streaming service that was founded in 2006. It boasts over 489 million active monthly users, and just under half of these have opted for a paid subscription account, which comes with no ads, the ability to listen offline, and other additional features.
The other option is a free account known as freemium, which comes with ads, no ability to listen offline, and basic features. It’s one of the world’s biggest companies of its kind, which many of you will already be familiar with by now.
The company offers over 100 million digital copyright-restricted songs from various media companies and record labels and over five million podcasts. Spotify pays the artists a certain percentage of royalties based on total songs streamed instead of paying a fixed price per album or song sold/downloaded.
Users have the ability to search for their favourite songs, artists, and genres and can create unique playlists that can easily be edited and shared among friends and the wider Spotify community.
In short, it’s the best app for listening to all different types of music by minor and major artists worldwide.
You can access Spotify from any modern smartphone, tablet, laptop, or desktop computer with Wi-Fi/internet connectivity. It can also be accessed on Playstation and Xbox consoles and is available in 62 languages.
Other top mobile apps that share similar success are live dealer games apps, television show and movie streaming apps, banking apps, and social media/networking apps.
How Spotify is using payments to help fuel growth with Adyen
Spotify initially sought a partner company to help fuel their international growth in 2013.
Spotify wanted a digital wallet payment processing platform with a built-in risk management system that could offer a secure, reliable, and convenient payment solution for customers at the checkout, and the company that fitted the criteria was Adyen.
Adyen has made paying for Spotify subscriptions a more seamless and smoother experience for the customer. It has massively helped the company grow by enabling them to expand to more countries.
Thanks to Adyen, Spotify has also avoided having to pay huge payment processing fees to other major online payment processing companies.
What are today’s most popular songs on Spotify
The top ten most popular songs on Spotify today are the following:
- The Weekend, Ariana Grande: Die For You – Remix
- Miley Cyrus: Flowers
- Coi Leray: Players
- SZA: Kill Bill
- PinkPantheress, Ice Spice: Boy’s a Liar Pt. 2
- KAROL G, Shakira: TQG
- Metro Boomin, The Weeknd, 21 Savage: Creepin’
- RAYE, 070 Shake: Escapism
- Selena Gomez, Rema: (Calm Down)
- Lizzy McAlpine: Ceilings
How much is Spotify?
The amount for a paid Spotify subscription varies somewhat from country to country, and there are several different paid subscription packages to choose from.
For example, in the UK, you can get an individual package for £9.99 per month, a duo package for £12.99 per month, a premium family service for £14.99 per month, or a premium student package for £4.99 per month.