In the world of streaming services, all the digital distribution companies are constantly competing to find new ways, not only to bring music to their listeners, but also to benefit the artists. Spotify’s newest business venture could completely set it apart, especially in today’s world of business owners, from big to small. In its recent joint venture of “Soundtrack Your Brand” Spotify and it’s main partners, Balderton Capital and Industrifonden, raised 22 million dollars to put into expanding their market globally and offering expanded business services to companies globally. This digital marketing venture also included other companies and brands such as HMP, Jorg Mohaupt, Stefan Blom, Creandum, Northzone and Telia. Soundtrack Your Brand had already Previously raised with 10.9 million dollars with Telia.
The concept having been co-founded by Andreas Liffgarden, former Spotify head of biz, and Beats co-founder Ola Sars, Soundtrack Your Brand is offering two services to help businesses stream music: Spotify Business and Spotify Enterprise. Currently those services are being used by McDonald’s, Tag Heuer, Toni & Guy, Starbucks in Sweden, and thousands of small businesses across a range of hundreds of countries. This increase in their musical promotion is sure to make a lot of artists a significant amount of money as play lists in offices are often simply put on repeat and forgotten about for weeks to play in the background.
The only real competitors currently are Play Network and Muzak by Mood Media. Comparatively, Muzak is valued at roughly $345 million while Play Network is worth roughly 5.8 Billion. Both of those final 2016 results are very respectable, but now they are coming up against Spotify’s intrusion into their once dominated avenues. Spotify is already worth reportedly 8.53 billion dollars, so it’s very interesting to see how the giant will venture into their new musical industry! Here at MusicPromoToday, we always have the latest buzz on anything regarding music distribution, so for more info on anything from music news to getting the leading marketing team behind your own band’s promotion, don’t hesitate to contact us at MusicPromoToday.com