Sean Parker makes bold statement
Tech billionaire Sean Parker made headlines this week by claiming that the music streaming service Spotify will overtake Apple’s iTunes store in two years.
The bold statement has resulted in technology blogs gossiping about whether the social network investor is right.
Parker claims music companies will earn more through Spotify and if it continues to grow at its current rate, it will take over iTunes in the near future.
Spotify subscribers growing fast
Spotify’s subscribers and users are growing at a fast rate and Parker believes the company will overtake iTunes in terms of the amount of revenue it contributes to the music labels.
The controversial character, who became famous from the film ‘The Social Network ‘, has even poked fun at Apple’s iTunes store stating, “The iTunes store, to this day, is so slow. I’m amazed.”
Parker must truly believe in his recent statement as he has invested $15 million into the music streaming company, which is currently the number two music service in Europe after iTunes.
He also knows the industry well. He set up the music-sharing community Napster in the Nineties, which made a huge impact in the internet music market.
So is he right?
He has certainly made a bold statement and Spotify is growing at an incredibly fast rate. The company recently hit 10 million users after a partnership with Facebook that allows users to access Spotify via their Facebook log-in.
The music site now has three million paying subscribers that pay around £10 per month to access the service via phones and desktops.
Parker isn’t nervous about making the headlines and he certainly has the talent for spotting a good business opportunity when he sees one. He did after all see Facebook’s potential resulting in him becoming the first president at the social network.
Is he right? We will have to wait two years to find out!