Digital music streaming company Spotify is reportedly now the No.2 source of revenue for major music labels. The report comes from Business Insider and cites an anonymous source, who claims that while revenue earned by major labels from Spotify is nowhere near that of iTunes, it has catapulted ahead of competitors since launching in the United States last summer. An estimated 23 million people used Spotify’s streaming music service last month, which is available for free with advertising breaks or at two paid subscription levels that each offer ad-free music streaming. Spotify recently brought its new radio service to its iPhone and iPad app, allowing users to create artist, song or playlist-based streaming radio stations similar to those offered by rival Pandora. The move is seen by some as a potentially significant blow to Pandora, and the company’s stock has taken a hit recently as a result.
Spotify said to be No.2 source of revenue for major music labels
Updated Dec 19th, 2018 8:28PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
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