Spotify touts future profitability as it announces trading to begin in April

Apple Music hits 38M subscribers closes gap with Spotify

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That's more shade for Apple, who's HomePod only works with Apple Music despite customers obviously wishing they could play other streaming services through it. During its "Investor Day" presentation on Thursday, Spotify Co-founder and CEO Daniel Ek revealed that it was "working on launching in some of the biggest markets in the world".

Specific details about its Indian operations, however, were not disclosed as Daniel didn't reveal any specific timeline for the India launch, the company reportedly leased an office space in Mumbai past year. Earlier this month, it was reported that Spotify had leased office space in Mumbai past year.

Even worldwide music streaming services like Apple Music, Amazon Music and Google Play Music are already present in the Indian market.

In its recently-published prospectus, Spotify boasted 159 million monthly active users at the end of 2017, with 71 million of those converted to premium subscriptions.

While it's a good thing Spotify will get a ready audience for its services in India, the platform will also have to face some intense competition.

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"Unlike earlier music piracy services that destroyed value for music industry revenues with each share, Spotify created a viral loop that increased the value of the market and network with each new user". The longer Spotify waited to go public, the larger that discount and interest grew. Amazon Music was estimated to have 16 million paying subscribers last October.

Spotify is a music, podcast, and video streaming service that was officially launched on 7 October 2008.

The company said its free tier, which artists and music labels at one time said devalued music, is used to bring in more users, glean data from them to improve products and then eventually convert some onto its paid tier.

Ahead of its IPO on April 3, the company outlined its upcoming plans in an investor presentation.

The service allows music-lovers in Kenya the ability to stream their favorite music from local and worldwide artists, while providing a platform through which artists will be able to sell their music and make it available to consumers on a large scale. 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.

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