The Spotify target audience is located worldwide, with more users in Europe than any other region. So who is the target market for Spotify that is driving these numbers, and how is Spotify business strategy able to achieve such success, particularly against formidable competitors, like Apple Music and YouTube? Let’s take a look. The company’s reported revenue in 2021 was the highest ever to date: 8.5 billion euros in premium subscription revenue, and 1.2 billion euros in ad supported revenue. Of these, 182 million are paid subscribers. The number of how many people use Spotify worldwide has been steadily rising year-on-year, reaching 422 million monthly active users in 2022. The brand concept is to give users an easy way to find and enjoy the music and audio content they love, on demand. The streaming app, whose name is a combo of “Spot” and “Identify”, provides users with millions of music titles and podcasts in every imaginable genre. It was clear that the public wanted an easy way to access music online and together with co-founder Martin Lorentzon, the company finally launched in 2008.
But in the past decade plus, enjoying your favorite hits has been all about music streaming apps, the most popular and well known being – of course – Spotify.Ī Swedish born company, the music app was first envisioned by co-founder Daniel Ek in 2002, around the time that the file sharing website Napster became defunct. For anyone born before the year 2000, music meant MTV, LPs, CDs and Walkmans.
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