With all the speculation about Spotify's impending launch in India, Daniel Ek, CEO of the music streaming service has given the rumors a shot in the arm by confirming that they are working on the service's launch in India.
During CEO Daniel Ek's presentation, he explained that Spotify emerged as an alternative to piracy by convenience to make paying or ad-supported access easier than stealing. At an investor day presentation, Ek said that they are working to launch Spotify in India which is one of the biggest markets in the world.
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.
There was an earlier report stating that Akshat Harbola has been hired to lead operations of the company in India.
Spotify is twice the size of Apple Music, its closest competitor in the streaming music market, the Sweden-based startup said last month in a regulatory filing for its IPO. 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.
While Spotify has tried to guide investors in its listing prospectus by disclosing the value at which shares have changed hands in private transactions, the range has been wide.
Spotify allows users to browse, discover, and curate playlists, build their own music collection and share music with friends from a catalogue of over 35 million songs.
Its official, Spotify will go public on April 3rd. Its listing will likely be coveted by investors who are seeking high growth that often comes with big-name, highly valued technology IPOs, which have been rare of late.
He said it was not Spotify's mission to disrupt the music industry or replace anyone. "For us, going public has never been about the pomp or circumstance of it all", Ek said.
The service allows music-lovers in Kenya the ability to stream their favorite music from local and global artists, while providing a platform through which artists will be able to sell their music and make it available to consumers on a large scale.
He went on, "Comparisons with our neighbouring countries show that in Belgium we are experiencing a slightly slower increase.We predict further growth of this service, in particular thanks to the strength of local artists".