Spotify is reportedly “considering” expanding into events, according to The Information. The outlet reports the company could sell tickets for both virtual and live concerts as it looks to diversify its business. However, making money off of ticketed events isn’t necessarily Spotify’s short-term goal. Its more immediate plan is to use them as a way to improve its relationship with artists.
The Information suggests Spotify thinks there’s an opportunity to leverage the data it has to help musicians plan successful concerts in places most promoters avoid. In this way, the company is said to believe it can better show those artists it’s invested in their careers. It would also be a way for it to differentiate its platform from Apple Music.
Spotify has already dabbled in live events. This past spring, the company put on a handful of prerecorded virtual concerts featuring artists like The Black Keys and Leon Bridges. It sold tickets to those shows for $15 each. The Information reports the results of those concerts “validated” Spotify’s thinking on what events could do for it in the future, and it’s been thinking about next steps ever since. Of course, we wouldn’t say that makes an expansion is a done deal. Selling tickets to concerts might make a lot of sense for a music streaming platform, but it would still represent a massive business shift for Spotify.
Originally found on Engadget Read More