Spotify on its investor day presentation today, March 16 has revealed its upcoming plans to launch itself in Indian markets along with other global markets that have 'a very rich musical culture.' According to CEO and co-founder Daniel Ek, other markets include Africa and Russian Federation.
Although Daniel didn't reveal any specific timeline for the India launch, the company reportedly leased an office space in Mumbai previous year.
Spotify's recent IPO filing had revealed that it has already leased office space in Mumbai.
Late previous year, Spotify hired former Google Business Manager Akshat Harbola to head its India operations, and while the streaming service stated that it had 308 employees scattered over 20 markets, it didn't divulge a headcount for India. 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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McCarthy, who is the former CFO of Netflix, said Spotify's ad-supported free service often leads to new users signing up for the premium edition, which costs $9.99 and comes without ads. But it lost $461 million past year.
Stepping up the South African market is taking place at a time when Spotify is preparing for direct listing of its shares in the New York Stock Exchange, allowing investors and employees to sell their securities without the company raising new capital or renting banks from Wall Street to help with the IPO. 72 percent of its users are under the age of 34, and almost half of them believed that Spotify is the only music service they need.
"Spotify has filed a Form F-1 with the SEC that provides full financial disclosure, just like we would've done with a traditional IPO", the company said. The company plans to release additional investor guidance on March 26, according to Variety, which attended the lengthy presentation. With no lockup period and no intermediary bankers, Spotify thinks it can go public without all the typical shenanigans. He pointed to the growth in music industry revenues in 2015 and 2016 being driven by streaming. Even if a portion of it is converted to paying music subscribers, Spotify has a great market in hand.
It is also rumoured that Google-owned YouTube is working on a dedicated music-streaming service.
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.