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Spotify ranked No. 2 source for music labels revenue streams

By Aldo Panessidi

Spotify ranked No. 2 source for music labels revenue streams

Right now, the music industry probably wants to give a great big hug to the digital music streaming company Spotify. After less than one year in business, Spotify is reported to be the No.2 source of revenue for the chronically troubled major music labels.

Business Insider reports that an anonymous source told them that Spotify has shot ahead of all its competition, well all of them except Apple and their iTunes store.

There are an estimated 23 million users of Spotify’s streaming music service. If you’re willing to put up with advertising breaks, the basic Spotify app is free. Two paid subscription levels offer ad-free music streaming.

Spotify just brought its free mobile radio to its iPhone, iPad and iPod touch app. Spotify’s radio features were previously only available to desktop users. It lets you can create artist-, song- or playlist-based streaming radio stations similar to those offered by Pandora. Speaking of Pandora, that company seems to be having trouble keeping up.  The company’s stock is showing it.

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