Spotify, the world’s largest and most powerful online music streaming services is finally coming to India. No, this isn’t mere rumors this time – we have some solid evidence of the same.
Spotify Will Sing The India Song?
With revenues of $6.7 billion, and rumored valuation of $20 billion, Spotify has 200 million users, across 18 countries.
Now, their next big market is India, and they have laid the groundwork.
As per fresh reports coming in, Spotify can launch in India by first quarter of 2019, and/or in the next 6 months.
Spotify Partnership With T-Series
Spotify has been working and talking with some of the biggest music companies in India, and the foundation has been set.
T-Series, the largest Youtube channel in the world and one of the biggest music production and distribution companies in India have agreed to partner with Spotify.
Bhushan Kumar, the managing director of record label T-Series, confirmed this partnership with Spotify, as he said, “Our deal with them is on,”
Why Spotify Is Taking Time?
There can be several reasons – Before Jio, Internet access and speed was a major obstacle, which has now been removed. High-speed Internet has now reached every nook and corner of India, and Spotify knows that this is the right time.
Besides, there had been some disputes as well. For instance, Spotify was trying to sing-in musicians and bands directly, which made recording companies like T-Series and Sony angry.
Now, Spotify has decided to partner with these music giants, and thus, approach the safer way. In the future, Spotify may partner with independent musicians as well.
Sony India has refused to comment as of now.
Spotify Needs India Or Vice Versa?
In some aspects, both need each other.
India is the world’s 2nd largest Internet population, and the fastest growing, and Spotify can longer afford to ignore India.
There are 100 million users of streaming services in India, and although very few actually pay, the market potential is immense. Online music streaming industry is worth $200 million in India, and growing at a breakneck speed.
On the other hand, Spotify’s revenues globally have dropped by 30% since their peak in July, and the investors are becoming restless. America, Latin America and Europe are Spotify’s three biggest markets, but now, time has arrived to sing the India song.
It would be interesting to see how current market leaders: Gaana.com, Saavn (which has integrated with Jio Music) along with Apple Music and Amazon Prime Music responds to Spotify.
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