Spotify having more than 2 crore users launched in India
March 3, 2019 | Investopaper
Spotify, an app which provides an audio streaming platform, has finally managed to launch its services in India. Spotify was launched back in October 2008 by Sweden based Spotify AB. The app which claimed to have a massive active user base of more than 200 million this February has 96 million paying subscribers.
Spotify provides access to more than 40 million tracks. Users can browse the music library by using parameters such as artist, album, or genre. Similarly, they can create, edit, and share playlists.
This already successful app can take the advantage of a huge music fan base in India. On the other hand, Spotify have to face a fierce competition from already hit domestic online music platforms like Jio, Saavn and Gaana in India. Also, it must compete with global music platforms like Apple Music, Google Music and Amazon Music available in India. To attract the music lovers, the app has introduced multiple plans to suit their needs.
Spotify pays royalties to the artists in accordance to the number of artists streams in proportion to total songs streamed. It spends about 70 percent of its revenue to the music right holders. Some artists like Taylor Swift has criticized the payment system of Spotify as unfair.
Since February 2018, it is also listed in New York Stock Exchange.It is valued at around 25 billion dollar by the investors as of March 4 2019 with market price per share of $138.
