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What shorcomings might the Echo Nest acquisition might address? We’re interested in growing this business and not just profiting by taking something and not giving back a fair slice. Because that’s what we’re interested in doing. I think that speaks volumes to how well we actually monetize our users. And this other service announced the same thing… but they failed to note that they did that with probably nine or time times the user base that we have. We announced last year that we had crossed the one billion dollar mark in terms of royalties paid back to the recorded music business. If all of that streaming activity were happening on our platform, the music economy would be in a lot better shape than it is today. We’re not as big some popular services, most notably that video streaming service that a lot of kids use… Just getting them onto our platform and getting 20% or more converted to subscribers, means in economic terms this industry is going to be much bigger than it ever was.
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And if you look at the opportunity, everybody who is using video streaming sites, pirate sites or not buying music, if you aggregate all those people outside of the download economy, you’re talking about tens, hundreds of millions of people. 20-25% in some territories, on average it’s north of 20%. Our conversion is very good for a freemium business. We’re doing everything we can to make sure we’re providing those ‘magic moments’ for every single user who first tries the service.
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We know that if we can get a user to build just a handful of playlists, spend the time it takes to curate their own collections, that’s a tipping point in terms of getting people invested enough that they will convert eventually. We know individual users get invested in the service after spending a certain amount of time it. It’s hard to say when we reach that tipping point, and get a critical mass. A big percentage of population pays for the service. What’s the penetration you have to achieve to have the same effect on the American music industry? We’re in an industry that had one model for 100 years, that is not going to change overnight. Our customer base is 7 billion people, so there’s a ton of room for growth. Look there are no magic bullets to growing this kind of business. So all those things wrapped together - partnerships can play a role, making sure we’re on all the key platforms that we need to be including automobiles, and the home. We need great analytics to make sure we’re serving up a better and better experience all the time. One of the things that we have is vast amounts of data on how people are interacting with music. So what’s it going to take? A lot of hard work, making sure we’re providing the best lean-back experience, investing in data analysis… we bought a company recently, the Echo Nest, that’s going to help us do that. It’s really just a matter of penetrating middle America, make sure that we’re addressing use cases like the ‘lean back’ experience. So everyone looks at key markets like that and says that that certainly points the way to the future. It experienced over 40% growth last year. announced, two or three weeks ago, that that market, for the first time in years, had returned to growth, and that was due to the fact that streaming was really surging. Well, we don’t have to look at just those two countries. How are you approaching scaling? In Sweden and Norway the industry as a whole has seen growth almost directly attributable to streaming. And I don’t think that’s impacted at all, whether we’re a public company or privately held. We would focus on bringing the best content experience to users and making sure that this model works for everybody. How would an IPO, if that happens, impact your job? On a day-to-day basis my focus is on the former, my role as chief content officer. It also includes telco partnerships, and I wear a second hat, which is the MD of our North American operation. It’s also artist services, artist outreach, making sure we are educating and fostering relationships with the people who really matter: the artists. That means chasing content providers in 55 countries, everyone who creates and licenses music. Ken Parks: I’m responsible for getting all the music into the service. Spotify Content Chief Ken Parks Discusses Artist Royalty Payments Controversy, More with…īillboard: What do you do as chief content officer and managing director?