With nearly 100 million users – 30 million of whom pay for premium services – Spotify has definitively established itself as the prominent music streaming app. Even when Apple unveiled their Apple Music software in June of 2015, numbers stayed strong.
Now, Spotify are turning their attention to an untapped area of the market: businesses.
In 2013, they quietly cofounded Spotify Business and Spotify Enterprise under the banner of Soundtrack Your Brand, an offshoot of the core business designed to facilitate those that want to use the service, but can’t due to licensing issues. As they roll out across Scandinavia, with their sights set on the US, it’s becoming clearer how much the company stands to benefit. Roughly two-thirds of businesses still play music from CDs – which can pose serious legal concerns – and many others don’t play music at all, even with extensive studies proving the benefit a simple song can bring to a store.
It’s not just business owners who will benefit from the service either. Artists are expected to see significant increases in royalties received as a result of commercial licensing.
While the service is still in its early phase, Soundtrack Your Brand hopes to evolve it into a system that can dynamically sense activity in the store and play certain music accordingly.
To find out when Soundtrack Your Brand will be available in your area, visit the official website.