Spotify CEO Confirms Plans To Launch In India

17 March, 2018, 01:54 | Author: Julian Harrison
  • Apple Music now has 38 million subscribers up two million in a month

Recently, Amazon Music also made its debut in India, with the streaming service bundled into the Prime subscription, which is just Rs 999 a year and includes access to Prime Video as well.

Spotify's big day is getting closer, as the music-streaming giant kicks off its public listing push with its official Investor Day presentation later today.

Spotify launched its music streaming service in South Africa, marking its entry into the continent, where smartphones are gaining momentum and telecom infrastructure is improving.

However, Ek hasn't shared any timeline for the launch of Spotify in India. As per its public offering filings, Spotify had a total of 308 employees in India and 20 other countries including Brazil, Turkey, Belgium, Singapore, Australia and Spain towards the end of 2017. Additionally, the Economic Times had earlier reported that Spotify has hired Akshat Harbola as the head of its India operations.

With more than 60 million online music service app users in India, the market size of the online music streaming industry is poised to reach a new pinnacle with the country's Internet user base expected to reach 500 million by mid 2018.

Now the company boasts over 159 million monthly active users and 71 million premium subscribers, and is valued at nearly $20 billion.

BEA Music stressed, "With downloads, which generate more than 9 million sales, digital now represents 54% of all music sales or more than €39 million, the converse of previous year when sales of CDs, vinyl and DVDs had a 56% market share".

Launched in 2008, Spotify now boasts a paid subscriber base of 71 Mn, spread across most of Europe, North and South Americas, Australia, New Zealand and parts of Asia. With no lockup period and no intermediary bankers, Spotify thinks it can go public without all the typical shenanigans.

While investors were impressed by the ability of the team to articulate the company mission, it will be the ultimate judgement of the market that counts for Spotify. The public listing allows Spotify to repay those backers by giving them a much bigger platform on which to sell their shares - and eliminating some of the restrictions enforced by the usual IPO conduit.

The company has recognised that most of its users are under the age of 34, making India an ideal platform to launch on with its current demographic dividend.

With Spotify available on PlayStation Music, users can stream music on their PlayStation 4 while gaming.

In a filing to United States regulators, Spotify claimed it had a 42pc market share of the global streaming space in terms of revenue in 2016.



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