Mmm, yup. I can tell how hard they worked on that name. Can you?
Background: Spotify is the music streaming service with more than 406 million monthly active users. 180 million of those are paying subscribers.
What happened: Hardware (i.e. physical products) has never really been Spotify's thing. Until now. It's just launched a new product called 'Car Thing' (can ya tell they worked hard on that name?).
What else: Car Thing is a device that hooks onto your dash and lets drivers that don't have an infotainment system control their Spotify accounts via the touchscreen or their voice. But ya gotta have Spotify Premium to use it.
💡Not every product that a company creates is meant to be a huge hit. Sometimes, they're just created to increase brand awareness and loyalty. Kinda like Paris Hilton's perfumes (HIT) and her single, Stars Are Blind (not so much).
💡While Spotify knows most cars come with Apple's CarPlay or Google's Android Auto pre-installed...in the US alone, 140 million cars don't actually have an infotainment display, so they're missing out.
💡That's 140 million potential Car Thing customers and Spotify Premium customers. So while Car Thing isn't a big long-term profit puppy, it could encourage more Spotify Premium listeners today.
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