“Storyline” will help artists describe their song
“Stories,” which was pioneered by Snapchat, has become a popular feature across most popular social media platforms. Now, music-streaming giant Spotify (SPOT) is testing its own version of the feature, which will be known as “Storyline” in the music streaming platform.
Storyline will allow music creators to share their own opinions, insights, or any other details about their song. Details will appear just like Stories do in social media platforms. Unlike Spotify’s “Behind the Lyrics” feature, artists will work directly with the company for “Storyline.”
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Spotify now has 100 million subscribers
The feature is still in test mode and is not available for all users yet. Like video streaming giant Netflix, Spotify is also trying to improve user experience to differentiate its service from its competitors. To that end, the company has also doubled down on podcasts. The company will be spending $500 million on podcast companies this year.
Spotify now has 100 million paying subscribers globally, and 217 million monthly active users. The company’s revenue is also seeing robust growth, as the graph above shows. However, the stock is down over 30% in the last nine months given its slim margin due to the massive bargaining powers of the major music labels around the world.