Spotify to charge labels and artists for advertising services in bid to raise revenue

Spotify has revealed plans to charge labels and artists for advertising services in a bid to raise revenue. Despite reporting a total revenue of $7.44 billion in 2019, Bloomberg reports that the streaming service will now be offering more advertising at a higher price. They already use one service, titled Marquee, which allows artists and labels to send notifications to fans when new music is released, for fees of upwards of $5000. Despite the total revenue, and Spotify's main business streaming generating $6.1 billion alone in sales last year, the company still continues to lose money because of the revenue going back to the music industry in the form of royalties.