Spotify confirms India launch soon, calls it a 'big market'

Spotify confirms India launch soon, calls it a 'big market'

Spotify confirms India launch soon, calls it a 'big market'

He said it was not Spotify's mission to disrupt the music industry or replace anyone.

Spotify allows users to browse, discover, curate playlists, build their own music collection and share music with friends.

Spotify remains unprofitable, but will be issuing financial projections on 26 March, according to the Financial Times. That's why Spotify not raising cash for marketing through a traditional IPO is a unusual choice. Last month, the company filed for direct listing on the New York Stock Exchange and is scheduled to begin trading on April 3.

Spotify also will not rely on underwriters to help assess market demand and set an initial price for the stock.

Co-founder and CEO of Spotify, Daniel Ek, has confirmed the news at the company's investor day presentation. "You won't see us ringing any bells or throwing any parties". During the investor day, Ek also revealed the company licensed more than 35 million tracks and employed 3,500 employees. The Swedish company, which was established in 2008 and now operating in more than 60 countries, is the largest music streaming company in the world and is competing with Apple, Amazon.com and Google services in the field. 72 percent of its users are under the age of 34, and almost half of them believed that Spotify is the only music service they need. Chief executive officer Daniel Ek said Spotify had chosen this route because "going public has not been about the pomp and circumstance of it all".

Champions League quarter-final draw
The Champions League quarter-finals features four of the top five clubs in terms of revenue, with only Manchester United missing out.


Earlier, in December 2017, Spotify, Chinese investment giant Tencent Holdings and its subsidiary Tencent Music Entertainment Group jointly announced equity investments, geared towards strengthening their presence in the global music streaming market. Just a few months since then, Apple Music is now reporting a total of 38 million paying subscribers, and 8 million trial users.

Ad revenues now account for about 10% of Spotify's overall revenues, and McCarthy said he'd like to double that. Amazon Music was estimated to have 16 million paying subscribers last October. "Spotify has always been run for the benefit of the major record labels - all of which are shareholders - whilst artists get crumbs from the table", he said.

Let's face it: Spotify won't ever become profitable. The company has to pay an equal amount of music licensing fees and royalties on every song streamed.

Spotify sales grew to almost $5 billion in 2017, up from about $3.6 billion in the year prior.

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