12 Apr

Is Spotify Planning to Release a Better Version of Its Free App?

WRITTEN BY Sanmit Amin

Spotify might be launching a new version of its ad-supported app

Music streaming company Spotify (SPOT), which just went public through a direct listing, is planning a new version of its free music app, according to a report by Bloomberg. The report said the streaming company’s goal is to make the free version of its app easier to use on smartphones.

Currently, customers who use the free version on their mobile devices can’t select the songs they would like to listen to from a playlist or album since it plays randomly on shuffle.

Is Spotify Planning to Release a Better Version of Its Free App?

Spotify still has the lead over Apple Music

Spotify had 159 million users at the end of 2017. Of those users, 71 million were paying customers. The free, ad-supported streaming service is what distinguishes Spotify’s offerings from its nearest competitor, Apple Music. Apple doesn’t offer a free service but does provide a three-month trial service.

Apple Music has far fewer subscribers at 38 million, but its customer base is growing at a faster pace.

Last week, Spotify, a Swedish company, said it will make a news announcement in New York later this month. Some reports suggest that the company may be mulling over releasing a stand-alone, in-car player. Spotify stock closed on Tuesday, April 10, 2018, at $154.90. The stock has steadily been moving upward since closing at $149.01 on April 3, its first day of trading.

Be sure to check out all the data we’ve added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data, as well as dividend information. Take a look!

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