Spotify is coming to India soon, confirms CEO Daniel Ek
What's the story
Speaking to investors during an annual event, Spotify co-founder and CEO Daniel Ek has said that the company is "working on launching" its service in some countries including India. While Daniel did not go into any specifics, there are some dots, which when connected, hint at Spotify's imminent launch in India. Here's more on this 'musical' development.
Quote
Spotify to soon start its music streaming service in India
"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," said Spotify CEO Daniel Ek, during the company's Investor Day 2018 in New York.
Connecting the dots
Spotify has already leased an office in India
Firstly, CEO Ek's announcement that Spotify is "working on launching" in India is a big hint. Secondly, in its IPO filing last month, Spotify disclosed that it had leased an office space in Mumbai last year. In the same filing, the company also noted that it has an aggregate of 308 employees in 21 countries which included India as well.
Welcome Spotify
The largest music streaming service in the world
According to the company's IPO filing, with 71 million premium subscribers and 159 million monthly active users at the end of 2017, Spotify claims to be double the size of Apple Music, its closest competitor. Last week, Spotify launched its services in South Africa, Vietnam, Israel, and Romania to expand its reach in a total of 65 countries in less than a decade.
Competition
In India's musical land, Spotify will have to face competition
Spotify's announcement comes days after Amazon debuted its Prime Music while Times Group-owned Gaana raised $115 million funding led by Chinese tech giant Tencent. Then, there's Apple Music which charges Rs. 120 per month (about $2) in India, the lowest subscription fee for Apple Music anywhere in the world. Further we have players like Google Music, Saavn and Hungama.