It does not have the run of the market, however. Unfair or not, with the days of physical music long behind us (with the exception of vinyl junkies), Spotify dominates the way we consume music this century. Claims to democratize the music industry have also been questioned, with the world’s biggest four music labels responsible for 87 percent of content available on Spotify. It has drawn criticism from recording artists, who complain that it pays too little.
Surviving the transition to mobile, Spotify went public in April 2018, with a market cap of $26.5 billion after the first day of trading.
It was an instant success, with a Facebook partnership helping it rise rapidly to prominence. Eventually convincing record labels to agree to share content in return for an aggregate 20 percent stake, Spotify was launched in 2008.
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