linguistic:paraphrasing, information:highlighting
Spotify is a Swedish audio streaming and media service provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. As of June 2024, it is one of the largest providers of music streaming services, with over 626 million monthly active users comprising 246 million paying subscribers. Spotify is listed on the New York Stock Exchange in the form of American depositary receipts. Spotify offers digital copyright restricted recorded audio content, including more than 100 million songs and 6 million podcast titles, from record labels and media companies. Operating as a freemium service, the basic features are free with advertisements and limited control, while additional features, such as offline listening and commercial-free listening, are offered via paid subscriptions. Users can search for music based on artist, album, or genre, and can create, edit, and share playlists. It offers some social media features, following friends and creating listening parties called "Jams". Spotify is available in most of Europe, as well as Africa, the Americas, Asia, and Oceania, with a total availability in 184 markets. Its users and subscribers are based largely in the US and Europe, jointly accounting for around 53% of users and 67% of revenue. It has no presence in mainland China where the market is dominated by QQ Music. The service is available on most devices, including Windows, macOS, and Linux computers, iOS and Android smartphones and tablets, smart home devices such as the Amazon Echo and Google Nest lines of products, and digital media players like Roku. As of December 2023, Spotify was the 47th most-visited website in the world with 24.78% of its traffic coming from the United States followed by Brazil with 6.51% according to data provided by Semrush. Unlike physical or download sales, which pay artists a fixed price per song or album sold, Spotify pays royalties based on the number of artist streams as a proportion of total songs streamed. It distributes approximately 70% of its total revenue to rights holders, who then pay artists based on individual agreements. While certain musicians have voiced objections to Spotify's royalty structure and its effect on record sales, others laud the service for offering a lawful option to combat piracy and for remunerating artists each time their music is played.