Music streaming service Spotify will soon launch in India. The company made the announcement during the ‘Investor Day’ event held in New York. The service will compete with Apple Music, Amazon Prime Music, Gaana, Google Play Music, Hungama, and Saavn in the country.
Spotify co-founder and CEO Daniel Ek stated, “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.”
Early this month, Spotify had already confirmed that it has employees and an office in India. The company stated that it has 308 employees in aggregate in India and 20 other countries which include Australia, Brazil, Belgium, Singapore, Spain, and Turkey among others at the end of 2017.
Recently, Spotify was cracking down on those users, who use a modified version of the app to use the portal’s premium music streaming service for free. Torrent Freak reported that Spotify sent an email to an unknown, but significant number of people, informing users that the modified apps are on the company’s radar and there could be consequences for trying to subvert the system.
Spotify wants these users to uninstall the unauthorized or modified APK version of the app and download the official app available on the Play Store. At the moment, the company has not suspended their accounts.
The music streaming service has a user base of more than 159 million around the world. And, almost 71 million of those are premium subscribers. According to the report, 88 million Spotify members are using the free tier, which implies that they are subjected to advertising and other limitations.
The report points out that the idea is that the free user gets a decent level of service but is held back just enough with small irritations to make the jump to a premium subscription a logical step at some point. There is no clarity on how many people use the hacked version of Spotify.
Spotify also announced a long-awaited public listing, voicing confidence that its streaming model will keep reshaping the music industry but acknowledging that the company has yet to turn a profit.
In its filing with US regulators, the Swedish platform that over the course of a decade has helped make streaming the most popular way to listen to music in parts of the world estimated the company’s value to be as much as $23.4 billion.
In an unusual move, Spotify said it would list existing shares directly on the New York Stock Exchange rather than issue new shares, allowing its founders and investors to maintain control and avoiding the cost of hiring Wall Street underwriters. The filing said that Spotify had 159 million monthly users including 71 million paying subscribers — twice that of closest rival Apple Music, which the tech giant launched in 2015 to win a slice of the growing streaming market.
Spotify, which was founded in 2006 and launched operations in 2008, has led a major shake-up of the music world by allowing users to select on-demand from its library of 35 million songs.