Technology / 07.07.21
Spotify May Look to Ticketing for Virtual and In-Person Events in the Future
MusicTech (07/06/21) Seah, Daniel
The Spotify streaming service is reportedly weighing a move into live events and ticketing in a bid to diversify its revenue channels and profit from existing customer data. The company would be able to take advantage of location-based data to plan potential events, and likely shape pricing decisions. Spotify could also reconcile with artists who think they are being shortchanged for streams of their work, given that streaming has largely eroded the industry revenue model based on physical and digital sales. "Sources" allegedly say Spotify "isn't looking to compete with existing live event business companies such as Live Nation Entertainment and Anschutz Entertainment Group." It remains uncertain how the company could enter that segment without competing, unless it plans to operate at a smaller, more localized scale.
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Tags: News , Venues