Spotify confirms India launch soon, calls it a 'big market'

17 March, 2018, 01:51 | Author: Shannon Newton
  • Spotify lands in SA

Chief executive officer Daniel Ek said Spotify had chosen this route because "going public has not been about the pomp and circumstance of it all".

However, Ek has not specified any date as to when Spotify plans to come to India.

Last week, we also learned that Spotify reportedly opened its office in Mumbai, India, which was a more than a subtle hint it might soon start offering localized content. 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.

There was an earlier report stating that Akshat Harbola has been hired to lead operations of the company in India.

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Having said that, once launched in India, Spotify will compete with established players like Apple Music, Google Play Music, Gaana, Saavn, Hungama and even Amazon Prime Music which was launched late last month in the country.

At the investor event Thursday, Spotify execs talked up its global scale, brand awareness, algorithmic music curation and tools provided for music creators to connect with fans.

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.

He went on to explain that "the traditional model for taking a public company isn't good for us" because he believes that it causes companies to focus on short-term goals. Spotify commands about 42 percent of the market, with 71 million paying members and 159 million people who use the service at least once a month, the company said.

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Spotify said subscriber growth gave the company a clear path to profitability as revenue grew 39% to €4.09bn ($5.03bn, £3.61bn) in 2017 from €2.95bn ($3.63bn, £2.6bn) in 2016.

Spotify has officially launched its service in South Africa.

The independent service is jockeying against efforts from Apple, which has 38 million paid listeners and eschews advertising-supported services. "The most important day isn't our listing day - but the day after and the day after that". "Instead of a traditional roadshow process focusing on a relatively small group of USA -based institutional investors, we are hosting an Investor Day presentation which will be streamed live and viewable around the world".

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