Even though Spotify hasn't officially launched in India, there are many people in the country (including me) who still manage to use this streaming service.
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. As per its public offering filings, Spotify had a total of 308 employees in India and 20 other countries including Brazil, Turkey, Belgium, Singapore, Australia and Spain towards the end of 2017. There are no indications though on when operations begin, but reports suggest that the music-streaming giant might have already hired someone to lead its India business.
The music streaming service Spotify has told investors it can become profitable and fend off bigger rivals such as Apple and Amazon, as it announced its shares will begin trading on the NY stock exchange on 3 April. 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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While investors were impressed by the ability of the team to articulate the company mission, it will be the ultimate judgement of the market that counts for Spotify. 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.
Spotify made its debut in four new markets earlier this week - Israel, Romania, South Africa and Vietnam - and it looks like that was just the first salvo in a broader expansion into global markets. They said Spotify doesn't need the money, but they want to give existing shareholders the opportunity to easily sell shares on a public, liquid exchange. The streaming music company filed paperwork last month to list its shares directly on the NYSE. Its aiming for gross margins of 30 per cent to 35 per cent, up from 22 per cent a year ago.
As part of its goal to reach as many people as possible, the music streaming service said its free, ad-supported tier would remain in place, even as almost 90% of its revenue comes from premium, subscription-based users. He pointed to the growth in music industry revenues in 2015 and 2016 being driven by streaming.