Final exam-Current Situation

According to a research conducted by the Global Web Index in March of this year that surveyed almost 4000 internet users, media consumption has grown exponentially, video and music streaming for the most part. Music streaming services use has increased among Spotify's target demographic 28% by Gen Z and 35% by Millennials. The pandemic has affected most streaming and social media positively, having a vast percentage of the target demographic at home means that all this services can be accompanying users for most of their day therefore providing companies with even more data to recommend content targeted to each user.
Spotify's also implemented a featured for artist to fund-raise directly from fans through the artist's profile page.

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Ch. 1: Overview of Marketing (Brief History and Mission Statement)

Spotify was founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon and although the company's head office is now in London, much of its research and development remains in Stockholm. The streaming service launched on October 7, 2008 and the company initially limited the sign-up for free services by making it invite-only. Paid-for subscriptions were made available immediately but despite this, Spotify reported a $4.4 million loss in 2008. By 2012, the company had launched its service on Android smartphones. In 2015, the company updated and rebranded itself, adding music videos and clips to the service. By that point, the service had over 25 billion hours of songs available. Spotify’s mission statement is “ to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators .” The mission statement sheds more light on the goals

Chapter 17 - Personal Selling and Sales Management

Spotify has a customer centric strategy where the data customers provide through the app basically customizes an enviroment for each user where the music recommendations will be based in what they had listened previously, this also helps Spotify to improve their algorithms, to make better business decisions, to better market their product in different countries

Ch. 2 - Strategic Planning for Competitive Advantage

Spotify SWOT Analysis: Strengths: - Easily Accessible, and compatibility with almost every modern technological device. -Intuitive easy to use user interface -Large and varied collection of music -Incentivizes listening to new music -It can be used for free -International availability Weaknesses: -Difficult for independent artists to profit -Dependence on other technology companies -Dependence on internet connection -The company runs on zero profits Opportunities: -Potential strategic alliances with mobile carriers, manufacturers or tech companies. -Higher demand for worldwide music accessibility -Better use of A.I. to offer a more interesting music recommendations Threats: -Negative artist opinions -Better deals offered by a competitor both for the artist and the listener

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