Could Spotify use the Internet of Things with their service? Share a couple of innovations they could add that would fit into this category Spotify is also using its vast data and analytical prowess to both win back skeptical artistswho've left and also to attract new artists who are so important to the firm's future success.The company launched its Spotify for Artists app that gives artists access to data about theirfans, including which playlists create new fans for the artist and how many streams theartist's music is getting. The app also gives artists some control over their presence on theservice, with the ability to update bios, post playlists, and specify which track is the "artist'spick." And Spotify's Fans First program helps to identify the artist's most passionate fans,allowing the musicians to target them with special offers. In 2019, the company acquired themusic-production service SoundBetter, which allows record labels to promote new music tospecific Spotify listeners. Spotify expects this "two-sided marketplace" focused on tools andservices supporting artists and their representatives to grow by 50 percent in 2020.The usefulness of Spotify's vast data stretches well beyond listeners and fans. It alsocontains a treasure trove of marketing-relevant information that can help advertisers choosewhich users it most wants to reach. Spotify for Brands is a program that allows marketers ofall sorts of goods and services to laser-focus their ads, using insights gleaned from the datathat, according to its website, "reflect the real people behind the devices." Music is driven byconsumers' real or desired self-identities, a factor that many companies use in advertising.The data also help to determine optimal ad placement timing. Selling Gatorade? Playing anad at the end of a workout sounds good.Today, Spotify differentiates itself from its competitors by the deeper way that it viewscustomer data. But in its early days of using data analytics, the firm focused mostly onstandard fare, such as keeping track of online customers after they left its website (known asretargeting). Now Spotify has reimagined customers as not simply clicks or transactions, butrather as unique human beings with changing needs, wants, and preferences that influencetheir choices in music and in products. As such, Spotify's goal is to build lasting connectionswith its users and other stakeholders, understanding how people consume the music theyselect and then applying those insights to better serve its customers and support itsadvertising clients' goals. What roles will data analytics play in the next chapter of Spotify's growth? While chippingaway at competitors' market share in the core business of music streaming is fine, the bigprize likely will come by pursuing other ventures. Imagine almost anything connected tomusic and its stakeholders, from smart speakers to selling exclusive lines of makeup that itsartists use. Do you like to listen to podcasts? In 2019, Spotify acquired two big producers ofpodcasts, Anchor and Gimlet Media, signaling a big focus on this other hot audio product inthe future. Spotify is in the midst of a remarkable transformation in which artists are movingfrom foes to fans of its offerings and business model. Whatever direction it takes, it's fairlycertain that Big Data and smart use of analytics will drive those strategies, resulting in deepunderstanding of Spotify's stakeholders and providing them with a great experience with thefirm's offerings. 62

Question

Could Spotify use the Internet of Things with their service? Share a couple of innovations they could add that would fit into this category Spotify is also using its vast data and analytical prowess to both win back skeptical artistswho've left and also to attract new artists who are so important to the firm's future success.The company launched its Spotify for Artists app that gives artists access to data about theirfans, including which playlists create new fans for the artist and how many streams theartist's music is getting. The app also gives artists some control over their presence on theservice, with the ability to update bios, post playlists, and specify which track is the &#34;artist'spick.&#34; And Spotify's Fans First program helps to identify the artist's most passionate fans,allowing the musicians to target them with special offers. In 2019, the company acquired themusic-production service SoundBetter, which allows record labels to promote new music tospecific Spotify listeners. Spotify expects this &#34;two-sided marketplace&#34; focused on tools andservices supporting artists and their representatives to grow by 50 percent in 2020.The usefulness of Spotify's vast data stretches well beyond listeners and fans. It alsocontains a treasure trove of marketing-relevant information that can help advertisers choosewhich users it most wants to reach. Spotify for Brands is a program that allows marketers ofall sorts of goods and services to laser-focus their ads, using insights gleaned from the datathat, according to its website, &#34;reflect the real people behind the devices.&#34; Music is driven byconsumers' real or desired self-identities, a factor that many companies use in advertising.The data also help to determine optimal ad placement timing. Selling Gatorade? Playing anad at the end of a workout sounds good.Today, Spotify differentiates itself from its competitors by the deeper way that it viewscustomer data. But in its early days of using data analytics, the firm focused mostly onstandard fare, such as keeping track of online customers after they left its website (known asretargeting). Now Spotify has reimagined customers as not simply clicks or transactions, butrather as unique human beings with changing needs, wants, and preferences that influencetheir choices in music and in products. As such, Spotify's goal is to build lasting connectionswith its users and other stakeholders, understanding how people consume the music theyselect and then applying those insights to better serve its customers and support itsadvertising clients' goals. What roles will data analytics play in the next chapter of Spotify's growth? While chippingaway at competitors' market share in the core business of music streaming is fine, the bigprize likely will come by pursuing other ventures. Imagine almost anything connected tomusic and its stakeholders, from smart speakers to selling exclusive lines of makeup that itsartists use. Do you like to listen to podcasts? In 2019, Spotify acquired two big producers ofpodcasts, Anchor and Gimlet Media, signaling a big focus on this other hot audio product inthe future. Spotify is in the midst of a remarkable transformation in which artists are movingfrom foes to fans of its offerings and business model. Whatever direction it takes, it's fairlycertain that Big Data and smart use of analytics will drive those strategies, resulting in deepunderstanding of Spotify's stakeholders and providing them with a great experience with thefirm's offerings. 62

Accepted Answer

The Internet of Things (IoT) refers to the growing network of connected devices and sensors that are…