Tech

Spotify’s free music service is reportedly getting an update

Key Points
  • Recently-listed Spotify is simplifying its service, especially for mobile users, Bloomberg reported, citing unnamed sources.
  • Spotify leads the music streaming market with 71 million paying users as of December, compared to Apple Music's 36 million subscribers.
  • The company listed on the NYSE directly last week, meaning that no underwriters were involved and no new shares were issued.
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Spotify is developing an updated version of its free music service, according to a report.

The recently-listed firm is simplifying its service, especially for mobile users, Bloomberg reported, citing unnamed sources. The new service would let mobile listeners access playlists faster and have increased control over the songs they hear on top playlists, the report said without offering more details.

Spotify leads the music streaming market with 71 million paying users as of December, and 159 million active users, compared to Apple Music's 36 million subscribers. The Swedish start-up has never made a profit though, but has said it is prioritizing growth over becoming a profitable business.

Spotify's unusual debut on the New York Stock Exchange (NYSE) last week led to debate as to whether Wall Street would continue to lead the initial public offering (IPO) process. The company listed on the NYSE directly, meaning that no underwriters were involved and no new shares were issued.

Spotify was not immediately available when contacted for comment by CNBC. The company's stock was close to the flatline in extended hours trading.

You can read the full report by Bloomberg here.