At the investors day presentation, Spotify co-founder and CEO Daniel Ek confirmed that the company is working launching its services in India. Apart from India, the company is also working on bringing its services to other major markets in the world like Russia, and Africa which according to Daniel has rich musical culture.
However, CEO Daniel Ek didn’t mention any specific details or the timeline for the India launch. The company also mentioned that it currently has 308 employees in aggregate in India and other countries including Australia, Brazil, Belgium, Singapore, Spain, Turkey and many others by the end of 2017.At the same presentation, chief marketing officer Seth Farbman claimed that the company’s awareness in India is at 36% despite being not available.
This was an obvious move from Spotify considering Amazon launched its prime music in India and Gaana raised a $115 million in funding. Spotify currently has 71 million paid subscribers and the company announced that it is going public that eliminates the need for a Wall Street bank or broker to underwrite a public offering along with any associated fees.
Regarding Tencent Music partnership, in December, Spotify and Tencent Music bought minority stakes in each other for cash. However, Ek said the deal was purely a financial investment for the company. Spotify drove a 6.1 million new premium subscriptions and registered more than one billion streams in 10 days, has more than three million artists who contribute 20,000 pieces on a daily basis.