Most of us here are well aware about the music streaming app Spotify and a lot of us have been waiting for it to hit Indian markets. Well the wait appears to be limited now, because if we go by what the Spotify co-founder and CEO Daniel Ek had to say, Spotify will soon launch operations in India.
Spotify is a music, podcast, and video streaming service that was officially launched on 7 October 2008. It is developed by Spotify AB in Stockholm, Sweden. It provides DRM–protected content from record labels and media companies. Spotify is a freemium service; basic features are free with advertisements or limitations, while additional features, such as improved streaming quality and music downloads, are offered via paid subscriptions.
Sweden-headquartered music streaming giant Spotify is in the process of launching operations in India, co-founder and CEO Daniel Ek announced recently during the company’s investor day presentation. While talking about the development Daniel mentioned,
“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.”
Specific details about its Indian operations, however, were not disclosed as Daniel didn’t reveal any specific timeline for the India launch, the company reportedly leased an office space in Mumbai last year. 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.
Daniel further added,
“Our view is that the Chinese market isn’t necessarily very favourable to western companies, so our view was we wanted to get exposure to that growth. Of course we’re trying to learn from that business, as they’re trying to learn from what we do, but that’s the extent of the partnership.”
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. Amidst all this how Spotify will affect the existing players will be a treat to the ears.