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Spotify shares jumped 7.5% on Monday (Dec. 4) following news the company will lay off 17% of its global workforce. CEO Daniel Ek called the layoffs a “crucial step” in a wider effort to be “relentlessly resourceful.” The layoffs amount to roughly 1,500 staffers based on the company’s recent disclosure of having 9,241 full-time employees. […]
Eslabon Armado and Peso Pluma’s “Ella Baila Sola” officially reached one billion streams on Spotify on Sunday (Dec. 3). The high point marks the first-ever música mexicana track to do so, Spotify has confirmed to Billboard Español. The song — which premiered on April 1 as part of Eslabon Armado’s album Desvelado via DEL Records […]
Team,
Over the last two years, we’ve put significant emphasis on building Spotify into a truly great and sustainable business – one designed to achieve our goal of being the world’s leading audio company and one that will consistently drive profitability and growth into the future. While we’ve made worthy strides, as I’ve shared many times, we still have work to do. Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities.
This brings me to a decision that will mean a significant step change for our company. To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us.
For those leaving, we’re a better company because of your dedication and hard work. Thank you for sharing your talents with us. I hope you know that your contributions have impacted more than half a billion people and millions of artists, creators, and authors around the world in profound ways.
I realize that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance. We debated making smaller reductions throughout 2024 and 2025. Yet, considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives. While I am convinced this is the right action for our company, I also understand it will be incredibly painful for our team.
To understand this decision, I think it is important to assess Spotify with a clear, objective lens. In 2020 and 2021, we took advantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing, and new verticals. These investments generally worked, contributing to Spotify’s increased output and the platform’s robust growth this past year. However, we now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big.
When we look back on 2022 and 2023, it has truly been impressive what we have accomplished. But, at the same time, the reality is much of this output was linked to having more resources. By most metrics, we were more productive but less efficient. We need to be both. While we have done some work to mitigate this challenge and become more efficient in 2023, we still have a ways to go before we are both productive and efficient. Today, we still have too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact. More people need to be focused on delivering for our key stakeholders – creators and consumers. In two words, we have to become relentlessly resourceful.
I know you will all be anxious to hear the next steps about how this process will work. If you are an impacted employee, you will receive a calendar invite within the next two hours from HR for a one-on-one conversation. These meetings will take place before the end of the day on Tuesday, and while Katarina will provide more detail on all of the specifics, please know the following will apply to all of these bandmates:
Severance pay: We will start with a baseline for all employees, with the average employee receiving approximately five months of severance. This will be calculated based on local notice period requirements and employee tenure.
PTO: All accrued and unused vacation will be paid out to any departing employee.
Healthcare: We will continue to cover healthcare for employees during their severance period.
Immigration support: For employees whose immigration status is connected with their employment, HRBPs are working with each impacted individual in concert with our mobility team.
Career Support: All employees will be eligible for outplacement services for two months.
For the team that will remain at Spotify, I know this decision will be difficult for many. Please know we are focused on treating our impacted colleagues with the respect and compassion they deserve.
Looking Ahead
The decision to reduce our team size is a hard but crucial step towards forging a stronger, more efficient Spotify for the future. But it also highlights that we need to change how we work. In Spotify’s early days, our success was hard won. We had limited resources and had to make the most of every asset. Our ingenuity and creativity were what set us apart. As we’ve grown, we’ve moved too far away from this core principle of resourcefulness.
The Spotify of tomorrow must be defined by being relentlessly resourceful in the ways we operate, innovate, and tackle problems. This kind of resourcefulness transcends the basic definition – it’s about preparing for our next phase, where being lean is not just an option but a necessity.
Embracing this leaner structure will also allow us to invest our profits more strategically back into the business. With a more targeted approach, every investment and initiative becomes more impactful, offering greater opportunities for success. This is not a step back; it’s a strategic reorientation. We’re still committed to investing and making bold bets, but now, with a more focused approach, ensuring Spotify’s continued profitability and ability to innovate. Lean doesn’t mean small ambitions; it means smarter, more impactful paths to achieve them.
Today is a difficult but important day for the company. To be very clear, my commitment to our mission and belief in our ability to achieve it has never been stronger. I hope you will join me on Wednesday for Unplugged to discuss how we move forward together. A reduction of this size will make it necessary to change the way we work, and we will share much more about what this will mean in the days and weeks ahead. Just as 2023 marked a new chapter for us, so will 2024 as we build an even stronger Spotify.
– Daniel
In 2023, Taylor Swift has towered above her musical peers on multiple fronts. And earlier this week, she racked up another major achievement when she was named Spotify‘s top-streamed artist of 2023.
As part of its annual year-end Wrapped rundown on Wednesday (Nov. 29), Spotify announced that Swift had racked up 26.1 billion streams globally on the service since Jan. 1, topping the likes of three-time champ Bad Bunny as well as The Weeknd, Drake and Peso Pluma. This didn’t exactly come as a surprise considering the ongoing success of her late-2022 album, Midnights, as well as two chart-topping re-recordings: Speak Now (Taylor’s Version) and 1989 (Taylor’s Version), the latter of which racked up a whopping 375.49 million on-demand official streams in its first week.
Swift’s year on Spotify tops any artist ever on the platform, which — now 15 years since launching — keeps expanding its user base annually. For comparison, when Bad Bunny was announced as the top Wrapped artist in the prior three years, he had 18.5 billion streams in 2022, 9.1 billion in 2021 and 8.3 billion streams in 2020.
According to Billboard‘s royalty calculator, Swift’s 26.1 billion streams amount to about $97 million in recorded music royalties. And the year’s not even done yet. When estimating her total streams through December, that number would swell to 27.2 billion, amounting to recorded music royalties of $101 million through the end of the year from Spotify alone. Add in publishing revenue, and Swift’s music will have earned about $131 million on Spotify by the end of the year.
Of course, that only accounts for Swift’s performance on Spotify, which remains the streaming market leader. When tallying on-demand streams across all platforms — including such heavy-hitters as Apple Music, YouTube Music and Amazon Music — Billboard estimates that her catalog racked up a total of 38.3 billion streams through the end of the year, amounting to a total of about $160 million in recorded royalties, by Billboard’s estimates. With publishing, Swift’s total on-demand streaming revenue gets close to $200 million.
It’s worth noting that Swift likely takes the lion’s share of this money. In her contract with Universal Music Group and Republic Records, signed in 2018, she retained master rights to all of her music going forward. That includes all four of her re-recorded Taylor’s Version albums so far: Fearless, Red, Speak Now and 1989. That re-recording project — which she famously embarked upon after her previous label, Big Machine Records, was acquired by Scooter’s Braun‘s Ithaca Holdings in 2019, much to Swift’s chagrin — has performed beyond likely even Swift’s wildest dreams. And it’s proven a lucrative gambit for the superstar, whose Taylor’s Versions have consistently outperformed the originals on streaming since their respective releases.
Not bad for someone who famously pulled her catalog from Spotify less than a decade ago, calling it a “grand experiment.”
Additional reporting from Glenn Peoples.
Generative AI music creation platform, label and publisher Boomy reached a distribution partnership with ADA Worldwide, Warner Music Group’s independent distribution and label services arm. Under the deal, Boomy’s A&R team will bring top artists and exclusively curated music from the Boomy roster to ADA. Select Boomy artists will be distributed and marketed across platforms including Spotify, Apple Music and YouTube Music. Boomy artists who will benefit from the partnership include rapper-producer Jelie, German harpist Katirha, Boston-based producer Lightfoot, rapper Paperboy Prince and techno/lo-fi music project Plague of Grackles. Boomy’s AI systems allow human creators to make original music even if they lack professional tools or a formal music-making education.
AI and metaverse technology and content company Futureverse signed with CAA for representation in all areas. The companies will collaborate to open up new opportunities for talent and intellectual property across Web3, the metaverse, AI, virtual games and experiences and more. The announcement follows the unveiling of Futureverse’s JEN 1, a “high-fidelity model” for text-to-music generation and research paper that proposes a strategy to pioneer a new licensing framework compensating rights holders, producers and artists. “Futureverse’s strategic collaboration with CAA has forged a strong alignment in fostering the development of mutually beneficial business models that empower creators with groundbreaking tools and lucrative revenue opportunities. As pioneers in AI, web3 and metaverse infrastructure, driven by a deep appreciation for art and humanity, we see an incredibly bright future for the world of entertainment,” said Futureverse co-founder Shara Senderoff in a statement. Futureverse’s other co-founder is Aaron McDonald.
Through an existing joint venture, CTS Eventim and Sony Music Latin Iberia acquired Punto Ticket in Chile and Teleticket in Peru, expanding the JV’s South American ticketing business, which launched in Brazil in 2016. The acquisitions will provide ticketing systems and related services to concert promoters and venues across both countries. Corporate leadership for the acquired companies will remain intact.
Spotify partnered with mobile provider Orange Middle East & Africa, which will now offer complimentary data bonuses for its customers to access Spotify’s service. “We are aware that data costs continue to be a hindrance for people who would like to stream music, that’s why we are actively working at Spotify SSA on partnerships like this one,” said Jocelyne Muhutu-Remy, MD for Spotify in Sub-Saharan Africa, in a statement. Brelotte Ba, deputy CEO of Orange Middle East and Africa, added that the deal will “contribute to the acceleration of digital inclusion on the continent.” Orange operates in a total of 18 countries across Africa and the Middle East.
HARMAN, a Samsung Electronics subsidiary that focuses on connected technologies for automotive, consumer and enterprise markets, acquired music management, discovery and streaming platform Roon. Described in a press release as “a music player for music enthusiasts,” Roon is available on all popular operating systems and also manufactures a line of hardware server appliances called Nucleus. Roon will operate as a standalone HARMAN business with its existing team remaining in place. HARMAN plans to grow Roon’s open device ecosystem that collaborates with more than 160 other audio brands, delivering audio to more than 1,000 high-performance devices.
Universal Music Group (UMG) signed a deal with Ethiopian streaming platform Sewasew Multimedia, which will now license and market UMG’s music catalog in Ethiopia. “UMG has a long and successful presence in Africa, and given Ethiopia’s rich and vibrant music culture, we are excited to work with Sewasew Multimedia to help grow the Ethiopian music industry to its full potential,” said Ulrik Cahn, UMG executive vp of Africa, Middle East and Asia, in a statement.
Independent digital distributor IDOL signed a global distribution and label services deal with Young Art Records, the L.A.-based label belonging to producer and DJ TOKiMONSTA. Under the partnership, IDOL will handle global distribution and marketing for Young Art Records’ catalog and frontline releases. In addition to TOKiMONSTA, Young Art artists include rapper Cakes Da Killa, Canadian R&B musician Rochelle Jordan and instrumentalist-songwriter duo Daktyl & Benni Ola.
Warner Music Group (WMG) struck a partnership with Ghana-based Small World Records, the label and publisher founded by music entrepreneur and streetwear connoisseur SmallGod. Under the new agreement, Small World will collaborate with teams from WMG, ADA and Warner Chappell Music to elevate Small World’s artist and songwriter rosters worldwide and discover, nurture and elevate a new generation of African talent. SmallGod will continue leading Small World’s operations.
SiriusXM unveiled a new collaboration with Europe’s Radio Monaco to launch the SiriusXM Radio Monaco channel, which will bring artists and DJs from Monte Carlo to SiriusXM listeners in North America. According to a press release, Radio Monaco (originally launched in 2006) is the only music stream originating from Monaco. The channel will broadcast live from Jimmy’z Monte-Carlo and air DJ sets from the parties around the Monaco Grand Prix while featuring exclusive interviews and content with stars from the country’s music scene. Radio Monaco will be available to SiriusXM subscribers across North America.
Spinnin’ Records signed a new joint venture with independent dance label and publisher Kanary Records, run by brothers Alex and Christopher Van den Hoef — also known as production duo DVBBS. Artists on Kanary’s roster include Arkade, Bad Nonn and Dayfive. “We are delighted to join forces with Alex and Christopher, reigniting our relationship from over a decade ago,” said Jorn Heringa, head of A&R at Spinnin’ Records, in a statement. “Both brothers bring deep expertise and knowledge to the table and will work harder than anyone else to develop and drive KANARY to new heights with us. Welcome back to Spinnin’!”
Mozaic.io, a global payments platform that allows co-creators to automatically send and receive split payments, closed a $20 million Series A funding round from Boston-based growth equity firm Volition Capital. Mozaic.io initially focused on payouts for music distributors, artists and collaborators before expanding to serve the entire peer-to-peer creator economy, with a goal of expanding further into the gig and freelance economy. The investment brings the total raised for Mozaic.io to $27.1 million, with existing investment from Rise of the Rest, Maverick Nashville and music industry executive Joe Galante. The funds will be used for new product development and expanding Mozaic’s sales and product teams.
Audoo — a music technology company that allows artists, songwriters, PROs and CMOs to see in real-time where their music is played via the use of proprietary audio meters, enabling them to better collect on public performance royalties — partnered with Abu Dhabi-based music rights organization ESMAA. Through the collaboration, ESMAA will incorporate Audoo’s “Audio Meter” and insights platform into its operational framework, allowing more accurate and transparent data collection and payment distribution for artists and rights holders. “ESMAA is at the forefront of building a modern rights company and through implementing the best technology from Audoo, we bridge the path of identifiable potential income with a system that optimises the use of music recognition in public performance spaces,” said Spek, founder/CEO of ESMAA, in a statement.
Canadian booking agency Paquin Artists Agency (PAA), a division of Paquin Entertainment Group, formed a strategic partnership with Louis Carrière, founder/president of Quebec-based agency Preste. The partnership will deepen PAA’s footprint in Quebec as it opens a new office in Montreal. PAA will also provide key resources to Carrière and his team to export Quebecian talent.
Believe-owned metal label Nuclear Blast announced an exclusive e-commerce partnership with Impericon, a provider of metalcore merchandise and music. Under the deal, Impericon will oversee all of Nuclear Blast’s European e-commerce activities starting in the first quarter of 2024.
The end of November marks Spotify Wrapped season, the time of year when pretty much everyone is posting on social media about the artists and songs they listened to most this year. Wrapped has quickly become a beloved tradition among music lovers since since its launch in 2014. Not only does the year-end review give […]
It’s officially that time of year! Spotify unveiled its 2023 Wrapped results for users of the streaming service on Wednesday (Nov. 29), and provided insight into fans’ listening data over the past year. In addition to providing individual, data-driven results for the users — which now includes fun segments such as Me in 2023, which […]
Today marks the launch of Spotify‘s Wrapped program, revealing the most streamed artists, songs and albums of 2023. Bad Bunny’s Un Verano Sin Ti has secured the title of most streamed album globally, accumulating 4.5 billion plays on the streaming platform, according to Spotify. Notably, Bunny’s top-charting album — produced by Mag and Tainy — wasn’t a new release this year; rather, it retains its position from the previous year.
In the most streamed artist globally category, El Conejo Malo takes second place; he topped the list the previous three years in a row. Taylor Swift takes the prize as Spotify’s most streamed artist of 2023.
Overall on the Latin music scope, the genre continues its global dominance, achieving a historic milestone on the streaming platform with the highest number of Latin songs reaching the No. 1 spot with eight. The top 50 most streamed global artists featured 16 Latin artists, including Bad Bunny at No. 2, as mentioned above, and Peso Pluma, the year’s breakout Mexican star at No. 5, who debuted with more than 9 billion streams.
Notable additions in the top 50 also include Feid at No. 6, KAROL G at No. 9, Junior H at No. 18, Rauw Alejandro at No. 21, and Shakira at No. 22. This marks a significant 60% increase compared to 2022 when 10 Latin artists made it to the Global Top 50.
As for the most streamed song globally, Miley Cyrus’ “Flowers” earns No. 1, which accumulated 1.6 billion streams and hit an eight-week Billboard Hot 100 streak at No. 1.
See how Latin artists fared on Spotify’s charts below, and get the full look at the streaming platform’s results across genres here.
Most Streamed Latin Artists Globally
Bad Bunny
Peso Pluma
Feid
KAROL G
Junior H
Most Streamed Latin Female Artists Globally
KAROL G
Shakira
ROSALÍA
Ana Castela
Kali Uchis
Most-Streamed Latin Songs Globally
“Ella Baila Sola” by Eslabon Armado, Peso Pluma
“Shakira: Bzrp Music Sessions, Vol. 53” by Bizarrap, Shakira
“TQG” by KAROL G, Shakira
“La Bebe – Remix” by Yng Lvcas, Peso Pluma
“un x100to” by Grupo Frontera, Bad Bunny
U.S. Most-Streamed Latin Artists
Bad Bunny
Peso Pluma
Junior H
KAROL G
Fuerza Regida
U.S. Most-Streamed Latin Songs
“Ella Baila Sola” by Eslabon Armado, Peso Pluma
“La Bebe – Remix” by Yng Lvcas, Peso Pluma
“un x100to” by Grupo Frontera, Bad Bunny
“PRC” by Peso Pluma, Natanael Cano
“AMG” by Natanael Cano Peso Pluma
‘Tis the season to learn about your music habits throughout the year with Spotify Wrapped, the annual breakdown of how you’ve been listening to music. While Spotify Wrapped is available for anyone with an account, sometimes, it can be hard to find. Don’t worry, though, Billboard‘s got your back. Unlike last year, the 2023 Spotify Wrapped is not […]
There’s no more blank space anymore for this song! Taylor Swift was named Spotify‘s most streamed artist on Wednesday (Nov. 29), and to thank fans for the honor, she gave them what they’ve been asking for: “You’re Losing Me (From the Vault)” on streaming services.
“Um ok this is unreal?? I just wanted to say to anyone who listened to my music this year, anywhere in the world, thank you. Getting named Spotify’s Global Top Artist in 2023 is truly the best birthday/holiday gift you could’ve given me. We’ve seriously had THE MOST fun this year out there on tour and now this. Are you serious,” she wrote. “So I was trying to think of a way to thank you, and a lot of you have been asking me to put “You’re Losing Me (From the Vault)” on streaming… so here you go! You can finally listen EVERYWHERE now [kiss emoji]”
The track is off Midnights (The Late Night Edition), which is a special edition of the 2022 album released first to Swifties who attended the May 26, 2023, Eras Tour concert held at MetLife Stadium in New Jersey. Then later that night, Swift’s webstore released the digital download, which was available for 24 hours only.
“You’re Losing Me” is an emotional ballad set to a heartbeat, and details a slow, painful ending of a long romance. Fans surmised that the track is about Swift’s split from Joe Alwyn, her partner of six years; their breakup made headlines in April.
In the first verse, the 12-time Grammy winner sings, “You say, ‘I don’t understand’ and I say, ‘I know you don’t’/ We thought a cure would come through in time, now, I fear it won’t/ Remember lookin’ at this room, we loved it ’cause of the light/ Now, I just sit in the dark and wonder if it’s time.”
In the heart-wrenching bridge, Swift croons, “And I wouldn’t marry me either/ A pathological people pleaser/ Who only wanted you to see her/ And I’m fading, thinkin’/ Do something, babe, say something/ Lose something, babe, risk something/ Choose something, babe, I got nothing/ To believe, unless you’re choosing me.”
See Swift’s message to fans about her latest Spotify honor, and listen to “You’re Losing Me (From the Vault)” below:
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