As they say music is the best therapy to relax your mind and change your mood. But back in the early days, it was not possible for people to have a huge collection of songs that could lift up their mood instantly. Thanks to Spotify which completely solved this problem and gave a whole new direction to music streaming. Founded by Daniel Ek and Martin Lorentzon, Spotify is considered to be the best music platform not just in India but across the world.
Take a look how Daniel and Martin started Spotify, a million-dollar startup which absolutely changed their lives.
How did it begin?
Spotify was actually begun as a small start-up and in the beginning the founders, Daniel Ek and Martin Lorentzon had no idea that the company would turn to be a huge success across the globe. Prior to the music streaming got popular among the masses, piracy was common. There were many people in the past who used to download pirated music files for their entertainment. The only way to solve that problem was to create a platform which is better than piracy and at the same time compensates the music industry. That’s how Daniel and Martin came up with an idea of founding Spotify.
Now, many will find the name of the company very interesting but the story behind the discovery of this name is more captivating. While trying to figure out the best names for their company, the founders of Spotify were yelling out random names back and forth. When Martin shouted ‘spot identify’, his partner Daniel misheard it as “Spotify” and that’s how they decided to name their startup as Spotify.
Reason behind the success of Spotify
The success of Spotify depends on many factors such as its user-friendly interface, flexibility in the services, affordable subscription, and unlimited options of songs suiting your mood. Furthermore, it also provides a comprehensive list of search variables where the users can easily type the song, artist, album, or genre on the search bar and THAT’s IT.
You can indulge yourself in the best ever music streaming experience in just a click. Since its inception, the company has spent a lot of time focusing on good latency of the app to ensure that consumers have a smooth experience, and it paid off well.
Within two years, the company raised a whopping amount of $85 million in 2 series, which was later used to further improve the app. The music platform, which was initially launched in Sweden, eventually expanded its services in the countries like Norway, France, Spain, and Finland.
Spotify now has a presence in over 187 countries and it enjoys a huge cheering section of about 381 million active users (monthly), of which 172 million are premium users as of September 2021.