moreover Diversify your revenue stream portfolio, Spotify turned to another angle of the music business to generate revenue. ticket sales.
The global streaming platform is best known for music streaming. its podcast business. Leverage your user basethey now aim to be a one-stop-shop for everything in the music industry, potentially eliminating competitors in the ticket-buying business such as Ticketmaster.
Spotify currently partners with Ticketmaster, See Tickets and Eventbrite.
In a statement to The Verge regarding a Spotify spokesperson for the new model, Carling Farley said: Some of them will pave the way for a broader user experience, others serve only as important learnings. “
“Tickets.spotify.com is our latest test. No news to share about future plans at this time.”
Ash Reddy, founder and CEO of The Social Chair, a music industry events booking agent, said in the news: I think this platform will encourage musicians to put on shows and make that their main source of income. Now it’s secondary for some musicians. lack of marketing for their shows and so on.
“With the addition of Spotify, interest in watching live events has skyrocketed as more people spend time on the platform and are directed to a page where they can find music shows and buy them directly from their account. We might be able to develop a model that is somehow included in the monthly fee.”
Reddy and The Social Chair started without the support or capital of the booking industry. They have now grown to produce more than 250 events a year nationwide, generate a healthy profit from bar and ticket sales, and host the likes of Murda Beatz, Rich Homie Quan, Fisher, Lil Dicky, Rich The Kid and Dzeko. We are booking established acts.
Spotify isn’t the only company getting into the ticket business. TikTok recently announced a partnership with his Ticketmaster that allows users to purchase tickets to see specific musicians and his WWE within the app. TikTok’s music was also trademarked in his May, with the social media platform reportedly looking to compete with Apple in its own way.
Reddy continues on with the state of the industry: Not knowing details such as market popularity, subsequent availability of musicians, and overall streamlining of the process, there is a huge divide between fans and artists. Not only do we help artists make more money, but we have to go to great lengths to see them in places where they want to see them but often don’t get the chance, or in other places. We want to be part of that change to help get them where they shouldn’t be. Companies like Spotify and TikTok want to seize the opportunity and capitalize on it. ”
Many companies are looking to capitalize on their potential for excellence in other areas. Apple’s brand strength shows it competes in the car market in user trust studies, but it currently has no cars for sale. Similarly, Spotify and TikTok are looking to use their subscriber relationships to seamlessly transition to new revenue streams.
As the world recovers from the pandemic, ticket sales and live event business are booming, and people are seeking out the experience after quarantine lockdowns have been imposed in most parts of the world.August, Live Nation announced that it has sold 100 million tickets this year. This is more than the number sold in 2019 as a whole.
With several major tours in the works, including Lil Nas X, Harry Styles and Bad Bunny, LiveNation CEO Michael Rapino said on the company’s recent earnings call that the company’s third and fourth quarters will see He said he expects ticket sales to increase further.
Spotify’s plans to further dominate the music industry were revealed at Spotify’s investor day in June this year. Charlie Hellman, Spotify’s vice president and global head of music products, said: And just like our promotional business, we expect it to build to scale. “
“As we diversify our artist revenue streams and identify the best ways to increase spending from our user base approaching 1 billion, we will further enrich and Impact on Spotify’s Margins“
https://www.forbes.com/sites/joshwilson/2022/09/11/spotify-launches-new-site-to-sell-tickets-to-live-music-events/ Spotify launches new site to sell tickets for live music events