International streaming platform, Spotify is said to have over €1 billion (£860 million) in profit after it undertook some structural adjustments in its operations.
The latest development has been attributed partly to laying off staff and other “brand-cutting efforts.” Subscribers on the platform are reported to have reached 615 million as the company continues ito introduce innovative products.
Afrobeats+ reported recently that Spotify was planning to give users more privileges when listening to their preferred songs on the platform, as part of its innovation and service improvement initiatives.
The new feature to be rolled out would allow users to slow down, speed up, and remix songs on the platform. The feature which was being experimented with, according to reports, would allow users to edit and create modified versions of songs that they could add to their playlists on Spotify.
Officials said songs modified on the platform with the new feature will not be shared on external platforms. Other discussions and licensing agreements regarding the new feature were being discussed, with the hope that the innovation will “appeal to young users and help generate revenue for artistes.”
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Spotify recently demonetized all songs with less than 1,000 streams, in line with a new policy. The company also previously announced an increase in its subscription prices in the United States and the United Kingdom.
Last year, it announced that it was cutting down 17 percent of its workforce to save costs.
