Spotify to launch music streaming service in India to stay ahead of Apple
The world’s largest music streaming service, Spotify, is looking to bring its service to India, one of the fastest-growing internet markets in the world, as it looks to boost growth and stay ahead of rival Apple. Announcing Spotify’s plans to list on public markets on April 3, CEO Daniel Ek said the Stockholmbased company was planning an entry into some of the largest markets in the world. Spotify is taking a rather unusual path to go public and will directly sell shares to the public. "We are working on launching in some of the biggest markets in the world, including India, Russia, and Africa, which have a very rich musical culture," Ek said during his presentation. He said that post IPO, the company would continue to focus on growth rather than turning on the profit machine. While no further details were divulged on when Spotify could launch its service here or its pricing in the country, the company did disclose in its IPO filing last week that it has leased office space in Mumbai. The company has also made ex-Googler Akshat Harbola as its Head of Market Operations in India. Plans to enter India and other fast-growing markets comes as industry analysts say Apple’s rate of signing up new paid subscribers is far outstripping that of Spotify’s. In the US, the largest music streaming market in the world, Apple Music could beat Spotify in the next few quarters to become the leading player there.
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