The music world continues to be exceedingly vulnerable, and there are looming questions that desperately need to be addressed. Most important: How can artists distribute and sell their work in a digital economy beholden to ruthlessly commercial and centralized interests?
Enter Spotify, a platform that is definitely not the answer. In fact, it only exacerbates such conundrums. Yet for now it has manipulated the vast majority of music industry “players” into regarding it as a saving grace. As the world’s largest streaming music company, its network of paying subscribers has risen sharply in recent years, from five million paid subscribers in 2012 to more than sixty million in 2017. Indeed, the platform has now convinced a critical mass that paying $9.99 per month for access to thirty million songs is a solid, even virtuous idea. Every song in the world for less than your shitty airport meal. What could go wrong?
Billionaires have thrown a lot of money at Spotify. As of September 2017, the platform has been valued at $16 billion by venture capitalists who see it as the next Netflix, and who have perhaps fooled themselves into trusting that this exploitative model will “save the music industry.” Spotify’s endgame, for now, is to go public. The company could be worth $20 billion by next year, when it will likely be listed on the New York Stock Exchange. According to Reuters, Spotify plans to file its intention of a public offering with U.S. regulators before the end of this calendar year and to go public in the first or second quarter of 2018. Bloomberg reports that it recently hired Goldman Sachs Group Inc., Morgan Stanley, and Allen & Co. to “assess its options.”