Spotify will be developing an updated variation of its free music service, according to a report.
The recently-listed firm will be simplifying its service, especially for mobile users, Bloomberg reported, citing unnamed sources. The brand new service could let mobile listeners access playlists faster along with also have increased control over the songs they hear on top playlists, the report said without offering more details.
Spotify leads the music streaming market with 71 million paying users as of December, along with also 159 million active users, compared to Apple Music’s 36 million subscribers. The Swedish start-up has never made a profit though, nevertheless has said the item will be prioritizing growth over becoming a profitable business.
Spotify’s unusual debut on the brand new York Stock Exchange (NYSE) last week led to debate as to whether Wall Street could continue to lead the initial public offering (IPO) process. The company listed on the NYSE directly, meaning that will no underwriters were involved along with also no brand new shares were issued.
Spotify was not immediately available when contacted for comment by CNBC. The company’s stock was close to the flatline in extended hours trading.
You can read the full report by Bloomberg here.