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In 2006, the popular Swedish audio streaming platformSpotify was launched to combat dropping music revenues andslowing album sales, due to increasing music piracy over theInternet, which annually costs more than 71,000 American musicindustry jobs, $2.7 billion in workers' earnings, and $422 millionin tax revenues.
Similarly one may ask, why was Spotify created in the first place?
Founded by Daniel Ek and Martin Lorentzon,Spotify actually started as a small start-up in Stockholm,Sweden. They developed the platform in 2006 as a response tothe growing piracy problem the music industry was facing. This costthe music industry millions each year because well - you're notpaying for the songs.
Keeping this in view, what is the purpose of Spotify?
Spotify is a digitalmusic, podcast, and video streaming service that gives you accessto millions of songs and other content from artists all over theworld. Basic functions such as playing music are totally free, butyou can also choose to upgrade to Spotify Premium. Buildcollections of music.
Daniel Ek Martin Lorentzon