Spotify is the new online music streaming service that lets you listen to a vast range of songs in exchange for about 2 minutes of advertising an hour. Spotify allows you to compile playlists so that you can cue up hours of music that you want to hear. Downloading is not allowed, but you can listen to songs as often as you like. The owners of the music (artists and publishers) recieve payments based on the number of plays that their tracks get.
I've known Spotify for a while because I was one of the people they had early informal discussions with, to get feedback on their concept from a media agency. I'm pleased that their growth is going well; they report that so far they have over 1m users in Europe, with the largest proportion (64%) aged 15-34. In terms of advertising they're getting up to 1.4% click through rates for display campaigns on their site, and up to 1.6% for audio.
The ultimate sign of success in this day and age (& medium) is for someone to use your service in their own creation, and this has just happened for Spotify with the site ShareMyPlaylists. Users submit playlists that they have created, and others can then listen to them. So far 99 have been submitted, but in anticipation of many more it is arranged in genres, and people can rate playlists that others have submitted.
Update: Spotify think that it's great that people are creating these sorts of sites.
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