Spotify lays out ambitious plan for going public at investor day

Spotify lays out ambitious plan for going public at investor day

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.

Spotify CEO Daniel Ek speaks onstage Thursday during Spotify's Investor Day in New York City.

Although Daniel didn't reveal any specific timeline for the India launch, the company reportedly leased an office space in Mumbai past year. Previous reports have already told us that Spotify has leased office space in Mumbai. As per its public offering filings, Spotify had a total of 308 employees in India and 20 other countries including Brazil, Turkey, Belgium, Singapore, Australia and Spain towards the end of 2017.

While both Apple Music and Google Play Music are also available in India, the battle for music-streaming supremacy in the world's fastest-growing mobile market might have begun with Amazon's entry and will only intensify once Spotify launches.

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The service has 159 million monthly users, 71 million of which pay for a premium subscription, according to its IPO paperwork.

Variety reported that chief product officer Gustav Söderström outlined three major reasons why Spotify operates the way it does: "One: it reaches the millions of consumers who are still on the fence about paying for music, which brings them into our ecosystem".

Most of us here are well aware about the music streaming app Spotify and a lot of us have been waiting for it to hit Indian markets.

Spotify made its debut in South Africa earlier this week, along with Israel, Romania, and Vietnam.

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In a response clearly meant to counter claims that Spotify is not paying artists sufficiently, Ek said the company's goal is to enable 1 million people to live from music.

Spotify execs won't ring a bell on the stock exchange on the day it goes public.

"The traditional model for taking a company public just isn't a very good fit for us", Ek said in his opening remarks on stage, forfeiting Wall Street attire for white sneakers, a white t-shirt and a blazer. "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". So far, the company has partnered with more than 250 businesses across televisions, cars, laptops, receivers, and speakers, among others.

Around the same time, Amazon India rolled out its music streaming service - Amazon Prime Music - in the country. Music isn't going away, so whoever can lock in listeners now at the dawn of streaming could keep coining off them for decades.

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