Spotify is said to be working on a feature for users to manipulate songs on the platform, according to a report by the Wall Street Journal. The tool would allow users to change the speed and remix tracks to create modified versions. The report confirmed that it was early days for the tools, with licensing agreements yet to be determined. It stated that the additions are aimed at younger users and generating revenue for artists. The tracks created by users will only be available on Spotify and not other platforms.
Recently, Spotify confirmed that it had demonetised songs with less than 1000 streams, meaning that only 37.5million of the 100 million tracks on the platform are generating revenue. This move was not expected to change the size of the royalty pool paid to rights holders, but it would allow tens of millions of dollars annually to increase the payments to all eligible tracks. The price for its monthly premium membership has also increased by more than nine per cent. A spokesperson from Spotify confirmed that the increase was due to maintaining innovation and value delivery.
Last year, Spotify announced job cuts of 17% in an attempt to cut costs. Staff cuts of 6% were made in early 2023 to promote speed, but it is not known whether the latest changes will further add to job cuts. Recently, Nine Inch Nail’s Trent Reznor voiced his concern over the terrible payout of streaming services, noting that the model has mortally wounded artists. The streaming service is yet to comment on the matter, but it is clear that they are continuing to test new features for its users
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