Spotify to soon launch brand apps
Popular music streaming company Spotify will soon launch a range of brand apps featuring products and brand names as a part of its aggressive hunt for new revenue possibilities.
Spotify's branded apps will come from the likes of Reebok, McDonald's, Intel, AT&T and many more.
Apps from mega-brands will provide the acclaimed music streaming service with a new source to make money.
Spotify has gained huge customer-base, but it is facing problem in utilizing its huge customer-base to generate money. The number of paid customers is nearly three million, but most of those who stream music from Spotify do so without paying anything. The soon-to-be-launched branded apps are expected to create a more engaging user experience as well as generating more money.
Jeff Levick, chief marketing solutions officer at Spotify, said, "Brands will build these apps, and they'll spend their marketing dollars to promote them on and off Spotify."
Spotify Chief Executive Daniel Ek is expected to announce the launch of brand apps at Ad Age's Digital Conference in New York next week.
Spotify posted losses of around $96 million over the last two years.