The Swedish company, which was established in 2008 and now operating in more than 60 countries, is the largest music streaming company in the world and is competing with Apple, Amazon.com and Google services in the field.
"For us, going public has never been about the pomp or circumstance of it all", CEO Daniel Ek told those watching on or tuned in via a live stream. This could soon change as the biggest music streaming service in the world, Spotify, could soon make its way into India.
However, Ek has not specified any date as to when Spotify plans to come to India. But, having said that, we aren't much surprised to see Spotify confirming its debut in India as the company has already leased office space in Mumbai and has also confirmed that it has a total of 308 employees in 21 countries which includes India as well. This was disclosed in their public offering filing, which further concretes that the launch in India is quite near.
There was an earlier report stating that Akshat Harbola has been hired to lead operations of the company in India.
Streaming through paid subscription services, such as Apple Music, Deezer and Spotify, continued to grow in Belgium in 2017 (up by 38.6%). However, Amazon's entry with Prime Music has thrown the field wide open, and Spotify - which has a good brand recognition in India, will be looking to take advantage of this.
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In a filing to U.S. regulators, Spotify claimed it had a 42pc market share of the global streaming space in terms of revenue in 2016. Even if a portion of it is converted to paying music subscribers, Spotify has a great market in hand.
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. Spotify will skip the roadshow meetings and media interviews that are typical in a traditional initial public offering.
"One: it reaches the millions of consumers who are still on the fence about paying for music, which brings them into our ecosystem". The executive suggested that around two billion people qualify as potential streaming music subscribers, possessing both the technological and financial access to get on-board. He pointed to the growth in music industry revenues in 2015 and 2016 being driven by streaming.
Spotify's free level has been key in enabling the company to reach the scale it has, with nearly double the number of paying users as its closest competitor Apple Music. During the investor day, Ek also revealed the company licensed more than 35 million tracks and employed 3,500 employees.