Paid for streaming music services continue Belgian growth

Paid for streaming music services continue Belgian growth

Spotify's attention towards India comes at a time when Amazon Music has just launched, and Tencent Music has invested in local music-streaming service, Gaana.

In a twist on a traditional IPO roadshow, Spotify co-founder and Chief Executive Daniel Ek and other senior executives took the stage at a studio space in front of potential investors in Manhattan's SoHo neighborhood, while the public could access the presentation through a live stream. According to a report by Android Authority, Ek said, "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".

He didn't provide any specifics as to when Spotify may release nationally but this confirms that Spotify definitely has India's music loving audience on its radar.

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.

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.

In its recently-published prospectus, Spotify boasted 159 million monthly active users at the end of 2017, with 71 million of those converted to premium subscriptions.

IHeartRadio owner files for bankruptcy, but you won't feel it
The creditors' counteroffer sought a higher stake in the company - 94.75% - while offering the equity holders nothing. IHeart countered with its own streaming services and a live-events business offering concerts and awards shows.

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.

Those figures should climb after the recent announcement Spotify would roll out in South Africa, Israel and Vietnam.

In an unusual move, the company is not issuing new shares as in a traditional initial public offering.

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.

Spotify has voiced confidence that streaming will keep up its fast-paced growth although the company has acknowledged that it has yet to turn a profit. The IPO, meanwhile, is scheduled for April 3, Spotify said in the investor presentation.

Spotify allows users to browse, discover, curate playlists, build their own music collection and share music with friends. Apple Music, launched in 2015, has around half that amount.

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