The world’s most popular and subscribed music streaming service is making its way to India. Yes, we are talking about Spotify imminent launch in the country this year. This latest development was announced at the ‘Investor Day’ event held in New York.
Spotify co-founder and CEO Daniel Ek stated, “We are working on launching in some of the biggest markets in the world, including India, Russia, and Africa which has a very rich musical culture.”
Just a few days back, Spotify confirmed that it has employees and an office in India. The company stated that it has 308 employees in aggregate in India and 20 other countries which includes Australia, Brazil, Belgium, Singapore, Spain, and Turkey among others.
Saavn, Gaana, Apple Music and Amazon Prime Music have already set their foot in the market, so the competition will get more heated than ever. However, the exact timeframe for the Spotify launch in India hasn’t been specified yet. Therefore, the incumbents can take a sigh of relief for the time being.
As of now, Spotify enjoys a user base of more than 159 million around the world. And, almost 71 million of those are premium subscribers, twice of closest competitor Apple Music. This leaves 88 million free users with ads and other restrictions.
Along with the expansion plans, Spotify also announced long-awaited public listing, voicing confidence that its streaming model will keep reshaping the music industry but acknowledging that the company has yet to turn a profit. In its filing with the US regulators, the company has value the service at $23.4 billion.
For those who don’t know, Spotify was launched in 2006 with operations commencing in 2008. The popular music-streaming has a massive collection of 35 million songs in its catalog. Do let us know if you are subscribed to any music streaming service in India in the comments section below.