Spotify Will Go Public On April 3

Spotify Will Go Public On April 3

Spotify might just be coming to India soon, according to its CEO, Daniel Ek. At an investor day presentation, Ek said that they are working to launch Spotify in India which is one of the biggest markets in the world. As per a report by the Economic Times, Spotify had disclosed that it had leased an office space in Mumbai.

The streaming music market in the country is dominated by players like Apple Music, Google Play, Deezer and Simfy Africa. 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. 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.

BEA Music stressed, "With downloads, which generate more than 9 million sales, digital now represents 54% of all music sales or more than €39 million, the converse of past year when sales of CDs, vinyl and DVDs had a 56% market share". Its listing will likely be coveted by investors who are seeking high growth that often comes with big-name, highly valued technology IPOs, which have been rare of late. Ek discussed the flywheel that drives Spotify's business, explaining that the more people discover music, the more they listen, and the more artists that become successful on the platform, and the more artists will embrace the platform and bring their fans.

Michael Krause, managing director for Europe, Middle East and Africa at Spotify, spoke about the company's intention to expand into other parts of Africa, but did not give further details about the markets involved.

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Chief Executive Daniel Ek made a direct pitch to individual investors during a public webcast that stood in place of a traditional closed-door "road show" typically used to woo institutional investors in initial public offerings (IPOs).

Spotify is a music, podcast, and video streaming service that was officially launched on 7 October 2008.

There's no dearth of music streaming services in India.

Earlier, in December 2017, Spotify, Chinese investment giant Tencent Holdings and its subsidiary Tencent Music Entertainment Group jointly announced equity investments, geared towards strengthening their presence in the global music streaming market.

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