Group assignment assignment title business model canvas of spotify

NATIONAL ECONOMICS UNIVERSITY GROUP ASSIGNMENT MANAGEMENT OF INFORMATION SYSTEM GROUP ASSIGNMENT ASSIGNMENT TITLE: BUSINESS MODEL CANVAS OF SPOTIFY UNIT ASSESSOR: MR NGUYEN MINH TUAN Hanoi, 04/2023 NATIONAL ECONOMICS UNIVERSITY INTERNATIONAL SCHOOL OF MANAGEMENT AND ECONOMICS Bachelor of Business and Administration in Entrepreneurship Management Assignment Brief Course Management of Information System Assignment Title Business Model Canvas of Spotify Unit Assessor Mr Nguyen Minh Tuan Semester and Academic Year Semester 6| Academic year 2023 - 2024 Submission Date April 13th, 2023 Group Đào Hoàng Anh Đỗỗ Cao Kỳ Duyên 11200054 11204981 Vũ Thị Khánh Ngân 11202776 Bùi Vũ Phương Linh 11205715 Nguyễỗn Duy Anh 11204365 Ngô Minh Tú 11208273 Student declaration We certify that the assignment submission is entirely my own work and We fully understand the consequences of plagiarism We understand that making a false declaration is a form of malpractice This is a preview Do you want full access? 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Log in TABLE OF CONTENT INTRODUCTION I Customer segments .3 Spotify Target Market Segmentation .3 1.1 Spotify Demographic Segmentation 1.2 Spotify Geographic Segmentation 1.3 Spotify Behavioral Segmentation 1.4 Spotify Psychographic Segmentation .5 Mass market Niche market .6 II Value proposition III Channels IV Customer relationships V Revenue streams Subscriptions Advertising 10 VI Key resource 11 VII Key activities 12 VIII Key partnerships 13 IX Cost structure 14 CONCLUSION .17 REFERENCES .17 INTRODUCTION Spotify was established by Spotify AB in Stockholm (Sweden) on October 7, 2016 It is a digital music, podcast, and video service that allows users access to millions of songs and other works by artists across the world On March 13, 2018, Spotify formally entered the Vietnamese market As of January 2018, Spotify had more than 75 million paid customers, making it the music streaming service with the most users worldwide, surpassing mighty rivals like Apple Music (Apple Music ranked with only 27 million paying users) Spotify began in Sweden and today serves most of Europe, North America, and portions of Asia Spotify can be downloaded and used on any platform, including the web, mobile devices, and desktop applications (Mental Itch, 2023) BUSINESS MODEL CANVAS I Customer segments In order to make the freemium business model work, Spotify relied on a three-sided customer base: music and technology enthusiasts, artists and music labels, as well as advertising companies Picture 1: Spotify target customer Source: simplilearn.com Spotify Target Market Segmentation 1.1 Spotify Demographic Segmentation Although the brand is popular among all age groups, it is stronger with young audiences 29% of Spotify users are members of the millennial generation, and 26% are under 24 years of age In fact, in 2020, Spotify was the most popular online music service in the US for those aged 12 to 34 In contrast, the over 55s Spotify age group of users makes up 19% Spotify’s freemium subscription is highly popular among younger users – 71% of people using Spotify for free are under 35 years old (start.io, 2022) 1.2 Spotify Geographic Segmentation The Spotify customer segmentation is largest in Europe, with 66 million users in Europe vs 48 million in the US, 33 million in Latin America and 18 million in the rest of the world (start.io, 2022) In the US, the target audience are frequent users of the audio streaming service 30% of US listeners tune in to the music app on a monthly basis and 28% listen to it weekly – a figure that has grown steadily over the past decade Picture 2: Share of Spotify users in the United States from 2013 to 2021 Source: start.io 1.3 Spotify Behavioral Segmentation Spotify users typically enjoy the personalized experience offered by the platform More than a third of the time spent on Spotify is listening to playlists, of which 36% are created and shared by other users Streaming preferences are highly variable depending on location In 2022 so far, the most streamed track on a weekly basis among the global audience is Heat Waves by Glass Animals, whereas in the US, it’s First Class by Jack Harlow (start.io, 2022) Picture 3: Most- streamed weekly tracks on Spotify in the US 2022 (million streams) This is a preview Do you want full access? 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Log in Source: start.io Spotify’s success goes beyond music streaming In 2022, the brand took the top spot in monthly number of podcast listeners (32.5 million), overtaking even Apple Podcasts, which moved to second place with 28.5 million listeners 1.4 Spotify Psychographic Segmentation Spotify’s popularity among Millennials correlates with the generation’s attitude to media consumption in general: 60% say that audio is the most immersive form of media Spotify’s vast audio library of 70 million song titles and nearly million podcasts appeals deeply to younger listeners aged 14-35 This segment tends to veer away from mainstream music and look for more indie and alternative styles (start.io, 2022) Spotify uses a multi-sided platform model for its customer segmentation which is oriented towards two customer segments, firstly the community of young people looking for new affordable ways to listen to music and secondly the advertisers looking for ways to reach this community with their advertising Spotify needs to build up a community to create and large audience attractive for advertisers, since out of the total members or users of Spotify only a 25% are premium users or paying customers, which covers part of the expenses, but the members listening to the free version have to listen to advertising in-between and this is where revenue is generated from the advertisers So the two revenue bases are the premium users/ paying subscribers or the advertisers advertising on Spotify (start.io, 2022) Mass market The increased number of users meant diverse segments of users getting on board And Spotify configured their services in response to users’ evolving requirements Faced with freshly emerging demands from the expanded users, Spotify is morphing from a mere music library to a medium for the mass market This evolution may be best described through the developments in Spotify’s music sharing and discovery features Niche market The fact that Discogs has grown into a successful home-grown alternative to eBay should not be a surprise We see this again and again in business Once there is a mass market in anything, there is a demand for the opposite that occurs: niche markets tailored to particular customer groups That is why genre-focused sites such as the electronic musicfocused Beatport sold for a reported $50 Million in 2013 It’s highly likely there are successful music portals that exist for other genres, whether Christian music or Heavy Metal II Value proposition Spotify offers five primary value propositions: accessibility, pricing, customization, performance, and brand/status The company creates accessibility by providing music artists with a means to earn money through their music It gives them the option of streaming their work so they not have to rely solely on revenue from downloads through services such as iTunes The firm also provides access to consumers by making this music available in a streaming format The company offers a pricing value proposition It provides a free version of its service Its premium version costs only $9.99 a month , and it offers a 30-day free trial so customers can try it out There is also a premium version for students that costs only $4.99 a month The company enables customization by allowing customers to search for songs and create playlists for their music based on artist, genre, album, record label, and other categories The company has demonstrated strong performance through tangible results Specifically, it has partnered with a number of brands to increase their awareness and sales High-profile examples of positive outcomes for these partners include the following: BMW used Spotify’s solution to launch a branded app that created music experiences for road trips, resulting in the creation of over 14,000 playlists and a 30% completion rate Reebok used Spotfiy’s solution to launch a branded app that enabled users to create fitness playlists, resulting in 365,000 visits, 150,000+ downloads, and over one million page views Hello Bank! Used Spotify to create a custom crowd-sponsored platform enabling customers to sponsor music projects, resulting 12,792 active users and 110 out of 120 sponsored projects Volvo used Spotify’s solution to create a marketing campaign with a music connection, resulting in over million YouTube views and over 6,000 shares of the promotional video Online fashion retailer Iconic used Spotify’s solution to run an ad campaign, resulting in increased awareness of the brand among customers (48% said it increased their interest) The company has established a powerful brand due to its success It has half a billion registered users, more than 100 million active users, and 40 million paying subscribers globally It provides access to more than 30 million songs with thousands of curated playlists Lastly, its average cross-platform user spends 148 minutes a day listening to its offerings III Channels Spotify has various channels for users to stream music and podcasts These include: Website: The majority of Spotify's clients are acquired via its website, which also serves as its primary distribution route Communities for users, artists, developers, advertisers, investors, and vendors are available on its website Mobile app: Users can download Spotify on both iOS and Android operating system All of its customers' demands are met via its mobile apps Spotify offers several apps, including "Spotify: Play Trending Music" for users, "Anchor" for podcasters, "Spotify for Artists" for artists, "Soundtrap Studio" for recording, and "Spotify Live" for interactions between artists and listeners Revenue from Spotify's mobile apps totaled $6 million in March 2023, of which $3 million came from iOS and $3 million from Android Spotify has a total of 26 million mobile app downloads, including million for iOS and 20 million for Android There are a total of 21 applications for Spotify, including 10 for iOS and 11 for Android Spotify: Music was both the most downloaded app and the top-grossing app last month ( Sensor Tower, 2023) Partnerships with other companies: Spotify also has 84 partners, 62 are technology partners and 22 are channel partners which allow users to stream Spotify on connected devices (Partnerbase, 2023) IV Customer relationships Social media: Use entertaining social media posts to promote the business Spotify offers a digital product, which makes it simple for it to demonstrate its capabilities online They this in a creative way by creating playlists that contain complete phrases Here, Spotify responds to a curious consumer with a smart tweet from its Twitter account In fact, Spotify made a playlist that spelt out the phrase "Scott, Mr Welcome to the party We're here for a good time, so don't worry about a thing We'll be here when you need us Just shout and we will come running!" Spotify may connect to its real product whereas other firms may put pictures, videos, or other types of material on their social media site pages Some individuals may view this playlist and discover songs they enjoy That could assist in introducing them to Spotify (Shower, M ,2022) Email marketing: Connecting with your customers (and potential consumers) in a way that aligns their requirements with your solution is the foundation of marketing Personalization is essential to successful marketing because of this Personalization is much more crucial in email marketing This is due to the fact that you have access to your customer's direct line of communication (as opposed to ads, which tend to be more general) The recipient will be more inclined to click through if you provide more pertinent content because you are directly addressing his or her wants This idea is clearly illustrated in Spotify's email marketing campaign, which you should check out In order to deliver a tailored email experience and increase in-app engagement, they make use of every piece of client data they possess (Sendinblue, 2023) Customer service: Spotify has Great Focus on Social Customer Care Spotify values its relationship with customers Actually, they excel at both keeping customers happy and producing material that deserves to be shared In 2015 and 2016, they received two Webby Awards for their social media customer service, and some of their interactions with others almost functioned as advertisements (Rodoplu, I , 2022) V Revenue streams Spotify has two main streams of income: advertising (13% of total revenue) and subscriptions (87% of total revenue)(Spotify, Annual Report, 2022) Picture 4: Total revenue stream of Spotify in 2022 Source: Spotify annual report Subscriptions In the case of the subscription: Spotify generates revenue by selling Premium service to the subscribers They can have unlimited online and offline high-quality streaming access to catalog of music and podcasts, on any devices and no commercial breaks In the Vietnam market, Spotify offers kinds of subscription pricing plan: Mini (2,300VND/day), Individual (59,000VND/month) and University student (29,500VND/month)(Spotify, 2023a) Advertising On another hand, Spotify provides unsubscripted-user free access to their music with limited features and many advertisements In this case, Spotify earns money from advertisers This strategy serves as an incentive to scale businesses and attract global listeners(Fleischer, 2017) It might make the non-paying people feel uncomfortable but on the other hand, encourage them to upgrade their account for a better music experience Spotify has a variety of ad formats They are created with the goal of interacting well with the audience but not interrupting or disturbing their listening experience.There are main formats of advertising on Spotify: Audio ads, Video ads, and Podcast ads Audio ads: is the most common advertising in this app They will appear between songs in a playlist, maximum 15 seconds This is when listeners are most focused and they can't scroll or press any skip button Audio advertising is considered a very effective way to advertise because under normal circumstances, it is very difficult to get customers' attention or ask them to listen or watch ads from beginning to end As Spotify said on their website: “you can guarantee your message will be heard…75% of Spotify listeners…remember ads more when the ads recognize their moment or setting”.(Spotify, 2023b) Video ads: Different from regular promotional videos Spotify's system keeps the customer's device in mute and volume up mode- Eliminates the case where listeners refuse to hear audio from the videos Spotify provides kinds of video ads: Video takeover and sponsored video For example, sponsored session: “Trading 60 seconds for 30 minutes” The sponsor gives the free users 30 minutes of uninterrupted music if they watch a 60 seconds video (Spotify, 2023c) Sponsored Playlist: This format is more special in that it offers the opportunity to sponsor some of Spotify’s most popular owned & operated playlists - many fans can be interacted with (Harrison, 2023) Video takeover: The most basic format of advertising This is a kind of ad break (1530 seconds) played after finishing a song Podcast ad: This is a mid-roll ads - means a minute advertising video will appear when the podcast has played 40-70% - the listener pay attention the most- the reason why Mid-roll ads have higher cost than Pre-roll ads (Bloomads, n.d) Beside, Spotify also provide some display format for advertisement such as Homepage takeover (a banner at the center of Spotify’s homepage, last 24 hours); welcome Back Ads (shown whenever the users return back to the app); Branded Moments (“right user right time” - sportswear ads in a workout playlist) (Kakar, 2018) VI Key resource They have a very complex system to meet the needs of millions of users around the world, including: IT infrastructure, music catalog, music contracts, employees and user data This is a preview Do you want full access? 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Log in IT infrastructure: In 2016, Spotify shifted their on-premise data centers and microservices to Google Cloud Platform (GCP) (Guilaume, 2016) GCP provides a variety of facilities such as Cloud Storage, Compute Engine, Google Cloud Datastore, Google Cloud Pub /Sub, Google Cloud Dataflow, Google BigQuery, etc that can help Spotify to manage the infrastructure Another tool to enhance the listening experience of the customers is Big Data They use Big Data to develop personalized content, digitizes users' music preferences, continuously update the system and improves marketing through destination advertising (Mallika, 2021) Music catalog: Spotify has a huge catalog of over 70 million tracks and 2.3 million podcasts worldwide (Spotify , 2023d) "Discover Weekly" is a special feature for Spotify's catalog It can generate a list of suggestions for each user based on their history and behavior Employees: Spotify had 8605 employees world wide in various roles (Spotify, 2023e) As a technology company, Spotify very focuses on technical staff such as software engineers, data scientists, and product managers Additionally, Spotify has a large music team that works with artists and labels to bring their music to the platform User data: Spotify collects user data to understand their customers and provides them personalized listening experiences The data includes users information (name, email address, D.O.B, ), streaming history, local data, etc It's worth noting that Spotify takes data privacy and security very seriously and has implemented various measures to protect user data from unauthorized access and unnecessary retention namely pseudonymization, encryption and retention policies (Common Sense, 2022) However, the standard privacy report of Common Sense rated Spotify at 57% of security warnings VII Key activities Users of Spotify have access to millions of songs, podcasts, and other pieces of audio content from around the globe The company's core initiatives can be largely divided into four important categories: platform development, user acquisition and retention, content licensing, and advertising and income generation Content acquisition and licensing: Spotify's primary activities include acquiring and granting licenses for material from music labels, publishers, and artists To ensure that Spotify has the right to stream other content creators' work on its platform, it must negotiate contracts and licenses with record labels, music publishers, and other content suppliers To set itself apart from rivals, the corporation also makes significant investments in producing its own original content, like podcasts (Mishcastillo, 2018) Platform research & development: The growth and maintenance of Spotify's platform is another important activity This includes creating and enhancing the user interface, creating tailored recommendations, and making sure the platform is compatible with a variety of hardware and operating systems Also, Spotify makes significant investments in the creation of algorithms and machine learning models to examine user data and personalize the user experience (Naomi, 2022) By attempting to use its present music recommendation and discovery algorithms in the podcast space, the R&D department keeps adding value (Perez, 2021) User acquisition and retention: The attraction and retention of customers is a crucial component of Spotify's business To entice new users to its platform, the corporation makes investments in marketing campaigns, referral programs, and alliances Also, Spotify provides a variety of subscription options to meet the demands of its users, ranging from a free, adsupported service to premium subscriptions with added features and advantages, or creating Daily mix, Discover weekly based on users preferences (Rangaiah, 2021) Spotify focuses on offering a seamless and customized listening experience to keep consumers interested and returning to the platform in order to retain users By extensively using social media to engage with customers, Spotify can enhance the customer service activity of the value chain Spotify's ability to engage and help clients right away is referred to as "social customer service." Positive interactions with users are Spotify's primary objective when it comes to social customer service (Adaptive, 2015) Customers' perceptions of the brand are improved by effective involvement and prompt resolution, which benefits Spotify Advertising and revenue generation: Spotify makes money from subscriptions and advertising The business provides a variety of advertising choices, such as programmatic advertising, sponsored content, and audio and display adverts (Rogers, 2018) In order to provide its users with exclusive material and experiences, Spotify also collaborates with businesses and advertisers Spotify's subscription plans, which offer customers ad-free listening, offline playing, and other premium features, generate the majority of the company's income VIII Key partnerships Record Labels: The record labels have been one of Spotify's most important business partners Major record labels including Universal Music Group, Sony Music Entertainment, and Warner Music Group are all partners with the business (Adam Levy , 2020) Spotify has been able to provide customers with access to a huge music catalog, including some of the most well-known songs and albums, thanks to these collaborations Spotify's cooperation with the record labels has also made it easier to negotiate better license agreements, which are essential to keeping the cost of its music streaming service low and its user appeal high Hardware Partnerships: Spotify has also formed important alliances with hardware providers like Amazon, Google, and Sonos ( Spotify) Spotify has been able to broaden its customer base and make its music streaming service available on a variety of gadgets, including smart speakers, smart Televisions, and mobile devices, by collaborating with these businesses Both Spotify and the hardware firms have benefited from these agreements, which have allowed them to grow their user bases and revenue streams Artist Partnerships: Over the years, Spotify has also formed agreements with a number of well-known musicians As an illustration, in 2017 it was revealed that rapper Jay-Z will only release his album on Spotify as part of a relationship between the two (Cheh, 2017) The popularity of Spotify increased and more people joined the platform as a result of this partnership Similar to this, Spotify has collaborated with musicians like Ed Sheeran, Taylor Swift, and Drake to provide them the opportunity to distribute their songs exclusively on the service As fans of these musicians are more likely to continue using the platform to get their music, these agreements have helped Spotify enhance user engagement and retention Advertisers: Last but not least, Spotify has collaborated with a number of advertisers to provide customers with free, ad-supported access to its music streaming service (Writer, 2023) Both Spotify and the advertisers have benefited from this collaboration, which has enabled Spotify to monetize its free customers and expand its revenue sources while giving marketers access to a sizable and engaged audience This is a preview Do you want full access? 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Log in In conclusion, Spotify's collaborations have been crucial in helping the business grow into one of the top music streaming services worldwide Spotify has been able to broaden its user base, raise user engagement levels, and give consumers access to a sizable library of music via forming partnerships with record labels, hardware providers, artists, and marketers IX Cost structure Spotify generated €10.25 billion from premium members and €1.47 billion from adsupported members While the cost of revenue for the premium membership revenue was €7.45 billion and €1.44 billion for the ad-supported segment Thus, premium members generated a gross profit of €2.89 billion for Spotify in 2022 While the Ad-supported segment generated a €30 million gross profit in 2022 (Cuofano, 2023) Picture 5: Spotify cost structure in 2022 Source: FourWeekMBA Spotify’s costs can be attributed to royalties or licensing fees, and company operations Royalties are the payments Spotify makes to own the right to stream specific content on its platform, and it forms one of the significant expenses for the streaming service As of 2020, Spotify has paid over $23 billion in royalties to rights holders (Gupta, 2023) It owns two types of licenses and thus produces two types of royalties: Recording Royalty: Spotify has recording license agreements with big music labels like Sony Music Entertainment Group, Warner Music Group and Universal Music Group Therefore recording royalty is the amount paid for the right Spotify holds to stream the actual recordings of these record labels on its platform These record labels then direct payments to the individual artists or singers who perform and record the track Composition Royalty: Spotify has composition license agreements with the original songwriters and composers as well Therefore composition royalty is the amount paid for the right to stream the song’s composition, and it is delivered to the composers who own the lyrics and melody of the tracks Therefore when a premium or ad-supported user plays a song on the platform, Spotify pays recording royalty to the music label and the artist and pays composition royalty to the owners and composers of that song In addition, Spotify’s annual reports give us an insight into the extensive costs incurred by the company The operation costs can be categorized into: Fixed cost: Cost of Revenue: The cost of revenue of Spotify includes all the costs incurred to deliver the service and value to customers For example- the cost of maintaining the website and app, salaries of employees, payment to partners, transaction fee, other overhead costs etc Research and development: The research and development expenses include all costs incurred on personnel and facilities associated with the research and development of the service — for example – salaries to engineers etc General and administrative expenses: General and administrative expenses include all costs incurred on personnel and allocated facilities for general functions, administration, legal and financial purposes For example- salaries to accountants and managers, administration overhead costs etc Variable cost - Sales and marketing: The sales and marketing expenses include all costs incurred on personnel and facilities related to sales, sales support, marketing, business development and customer service functions For example- marketing employee expenses, professional hiring fees, advertising and promotional expenditures etc Picture 6: Cost structure three months ended September 30, 2021 Source: Feedough.com Economies of scale: Spotìy increases its level of output, The advantage arises due to the inverse relationship between the per-unit fixed cost and the quantity produced The greater the quantity of output produced, the lower the per-unit fixed cost Economies of scope: Production of Spotify reduces the cost of producing other related goods, for example, Stream The amount of money that Apple or Spotify earns each month is only equivalent to the download price of an album This means that for as little as 12 albums (or in some cases 10 albums) per year, streamers can access a music store of tens of thousands of albums, including the latest, greatest, and most popular crowd CONCLUSION Spotify's unique characteristic is its focus on music streaming, which has helped it establish a leading position in the music streaming industry The company has a vast library of songs and podcasts, which makes it a one-stop-shop for music enthusiasts Additionally, the company has invested heavily in its recommendation engine, which uses data to suggest personalized playlists and music to users This focus on personalization has been a key factor in Spotify's success, as it has helped the company retain users and attract new ones Spotify's competitive advantage lies in its ability to offer a superior music streaming experience compared to its competitors The company's recommendation engine is more advanced than those of its rivals, and its user interface is intuitive and easy to use Additionally, Spotify has been successful in partnering with music labels and artists to offer exclusive content to its users, which has helped it differentiate itself from other streaming services In terms of its potential in the near future, Spotify's growth prospects look promising The company has been expanding its offerings beyond music, with a focus on podcasts and audiobooks This expansion has helped the company attract new users and diversify its This is a preview Do you want full access? 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Log in revenue streams Additionally, Spotify has been investing in new technologies such as voiceactivated devices and smart speakers, which could further enhance its user experience Overall, Spotify's unique characteristics, competitive advantages, and growth prospects make it a strong player in the music streaming industry However, as with any company, its future success will depend on its ability to continue innovating and adapting to changing market conditions REFERENCES Mental Itch (2023) The history of Spotify, Mental Itch Available at: https://mentalitch.com/the-historyof-spotify/ (Accessed: April 10, 2023) Gallant, D (2022) Spotify target market segmentation – User Demographics & Audience Targeting Strategy for 2022, Start.io - A Mobile Marketing and Audience Platform Available at: https://www.start.io/blog/spotify-target-market-segmentation-user-demographics-audience-targetingstrategy/#:~:text=The%20Spotify%20target%20audience%20is,also%20enjoy%20the%20app's %20music (Accessed: April 10, 2023) Wordpress (2013) the business model, Spotify Solvay Case Available at: https://spotifycase.wordpress.com/5-the-business-model/ (Accessed: April 10, 2023) Enestrom, P (no date) Actions and reactions: Spotify, vinyl, and the magic of niche markets, LinkedIn Available at: https://www.linkedin.com/pulse/actions-reactions-spotify-vinyl-magic-niche-markets- peter-enestrom/ (Accessed: April 10, 2023) Voigt, K.-I., Buliga, O., & Michl, K (2016) Passion for Music: The Case of Spotify Business Model Pioneers, 143–155 doi:10.1007/978-3-319-38845-8_12 Sun, H (2018) Case Study—Spotify Digital Revolution Tamed, 135–170 doi:10.1007/978-3-31993022-0_5 Cleverism (2017) Spotify, Cleverism Available at: https://www.cleverism.com/company/spotify/#:~:text=Spotify%20offers%20five%20primary %20value,earn%20money%20through%20their%20music (Accessed: April 1st, 2023) Sensor Tower (2023) Spotify Revenue & App Download estimates from Sensor Tower - Apple App Store Available at: https://app.sensortower.com/ios/publisher/_/324684583#:~:text=Total%20mobile %20app%20downloads%20for,apps%2C%20and%2011%20Android%20apps (Accessed: April 5, 2023) Partnerbase (2023) Spotify partnerships · Partnerbase , · B2B Partnerships and Alliances Directory Available at: https://www.partnerbase.com/spotify (Accessed: April 7, 2023) 10 Shower, M (2022) Here's the winning formula for Spotify's customer engagement, LinkedIn Available at: https://www.linkedin.com/pulse/heres-winning-formula-spotifys-customer-engagement-media- shower/?trk=organization-update-content_share-article (Accessed: April 7, 2023) 11 Sendinblue (2023) How Spotify uses personalization to win at email marketing, Sendinblue Available at: https://www.sendinblue.com/blog/spotify-email-marketing-personalization/ (Accessed: April 6, 2023) 12 Rodoplu, I (2022) Spotify's Social Media Customer Service performance, Juphy Available at: https://juphy.com/blog/spotifys-social-media-customer-service-performance (Accessed: April 6, 2023) 13 Kakar, K (2018, 25) How Spotify Works: Business Model and Revenue Streams Available at: https://insights.daffodilsw.com/blog/how-spotify-works-business-model-and-revenue-streams (Accessed: April 6, 2023) 14 Spotify (2023a) Premium Available at: https://www.spotify.com/vn-en/premium/ (Accessed: April 6, 2023) 15 Spotify (2023b) Ad Specs Available at: https://ads.spotify.com/en-US/ad-experiences/video-ads/ (Accessed: April 6, 2023) 16 Spotify (2023c) Audio Ads Available at: https://ads.spotify.com/en-US/ad-experiences/audio-ads/ (Accessed: April 6, 2023) 17 Harrison, A O (2023, 1) How to Advertise on Spotify Available at: https://www.adresultsmedia.com/news-insights/how-to-advertise-on-spotify/ (Accessed: April 5, 2023) 18 Bloomads (n.d.) Mid-roll vs Pre-roll: What’s the Best Place for a Podcast Ad? 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