![]() The platform, launched in 2006, has quickly become the world's number one audio streaming service, but has struggled to prove the viability of its business model. More and more artists are finding success through streaming," said Ek who has handed over everyday responsibilities at Spotify to co-presidents Alex Norstrom and Gustav Soderstrom. "And now, more than 15 years later, we know that answer is yes. So the fundamental question everyone was asking was, is the music industry doomed or could it be reimagined and still be a sustainable career for talented artists around the world?" said Spotify founder Daniel Ek. "When we founded Spotify, the music industry was in a freefall. The Swedish-owned company also unveiled a significant revamp to offer a more interactive interface, including the option to hear song previews and provide more personalized recommendations using artificial intelligence.Īt a live-streamed marketing event, Spotify also announced that it surpassed 500 million monthly active users, including 205 million paying subscribers at the end 2022, with 10 million creators. ![]() ![]() SAN FRANCISCO, United States - Spotify on Wednesday introduced new tools for artists and songwriters, with a particular focus on video formats that are seen as increasingly essential as the world's biggest audio streaming service struggles to break even.
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