Spotify said to be planning a new version of its free music service

According to new report from Bloomberg, Spotify is said to be working on new version of its free music service which also happens to be the first big product change since the company went public some while ago. For customers with mobile phones, the company is said to be tweaking the free service to make it easier to use.  It is also reported that the announcement is expected within a couple of weeks. The company is aiming to steer its free customers into its paid offerings since the paid version only accounts for less than half of Spotify’s customer base, but generated about 90% of its 4.09 billion euros in 2017 revenue. This model should work for Spotify since Stockholm-based Spotify had 157 million users at the end of 2017, of which around 71 million are paid, subscribers. With the updated service, free mobile listeners will be able to access playlists more quickly and have more control over the songs they hear on top playlists, which resembles the Spotify’s ad-free subscription product. Spotify is aiming to reach about 200 million users by the end of the year and 96 million subscribers. Source