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.
The news brings to a close mounting speculation on the flotation D-Day for Spotify, following the company's filing of a preparatory F-1 document with the US Securities and Exchange Commission last month. The company also stated that it has 308 employees across India and 20 other countries that include Australia, Brazil, Belgium, Singapore, Spain, and Turkey at the end of 2017. Earlier in 2016, the music streaming company had hired former Google executive Akshat Harbola as its Head of Market Operations, India.
Spotify would arguably face stiffer competition in India, as it would not only be competing with several local services - such as Gaana, Saavn, Wynk, and Hungama - as well as worldwide players - such as Apple, Google, and Amazon - but it would also have to do so at an extremely low price.
McCarthy, who is the former CFO of Netflix, said Spotify's ad-supported free service often leads to new users signing up for the premium edition, which costs $9.99 and comes without ads.
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Spotify now has over 159 million active users, including over 71 million Spotify Premium subscribers, offering a choice between a free ad-supported music service and a fully-featured, ad-free subscription option known as Spotify Premium, according to Businesstech.
The Spotify service allows for personalisation, so fans can find the music they love easily, while helping them discover new music and artists to love, based on their taste and listening patterns.
Ahead of its IPO on April 3, the company outlined its upcoming plans in an investor presentation. Even if a portion of it is converted to paying music subscribers, Spotify has a great market in hand.
"The traditional model for taking a company public just isn't a very good fit for us", Ek said during the presentation, eschewing a Wall Street look for a casual t-shirt, blazer and white sneakers combo.
With a date in place to go public, what's in store for the future of Spotify? As part of the move, the Indian arm of the ecommerce giant signed a partnership with Saregama to stream its catalogue of 117K tracks spread over 15,000 albums on its Amazon Prime Music portal. "Instead of a traditional roadshow process focusing on a relatively small group of USA -based institutional investors, we are hosting an Investor Day presentation which will be streamed live and viewable around the world".
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