Spotify, the famous music streaming platform, is now available in the Indian market. The streaming giant hopes to tap into several new consumers in a market that is expanding rapidly. Music recommendations in multiple languages and playlists featuring popular Bollywood music will hopefully attract more users. Existing rival companies like Apple Music, Google Play, Saavn and Gaana is most likely to put up stiff competition for the Swedish audio streaming powerhouse, which is trying to branch out beyond music and has recently been launched in Middle East. Amarjit Singh Batra, the managing director of Spotify India stated that music is important to Indian culture and is hence loved by all. Tarun Pathak said that the Indian audio streaming market presently has about 150 Million users with the potential of becoming 400 Million in the following 3-4 years.
Spotify Premium is all set to cost 119 rupees per month. The monthly price can be broadly compared to what other Indian music streaming platforms charge on a monthly basis. According to the firm, playlists shall be selected, organized and created by music experts of India and ‘city playlists’ shall be created by the help of algorithms which will detect and spot trends in the main cities of India, namely Bangalore, Delhi and Mumbai. Spotify posted the first quarterly profits earlier this very month and stated that free cash flow, net income and operating income all proved to be positive for the initial time. The company also has plans of going beyond just music streaming and entering the growing market of podcasting. Anchor and Gimlet Media have been bought by Spotify already. While the former is a podcast publishing platform, the latter is the company driving the chain of popular podcasts like Reply All. About $550 Million has been reserved for spending on additional acquisitions related to podcasts.
First launched back in 2008, Spotify now has 207 Million active users and can be accessed in 79 markets.