Spotify is winning the war in India
Global music streaming market leader Spotify is winning the war for Indian ears. The company made a bold push into the country recently, in an effort to drum up international subscribers in one of the world’s most viable market. This month, we found out that it’s winning that war. Of course, there’s a long way to go before India’s billion-plus population is all on the platform… but the first step to achieving ubiquity is to capture musical taste. And that’s somewhere Spotify is far out ahead of competitors.
Spotify’s share price has appreciated by 26% so far this year
Source: Yahoo Finance
Despite just launching in February this year, Spotify is managing to capture young Indian’s musical attention. The company said that a number of international artists are now in the country’s “top ten” most discovered artists list. They include American singer Normani, Scottish band CHVRCHES, and Korean artists Tomorrow X Together. This is an important point: if Spotify can leverage its international artists in the country, it is less beholden to music labels that hold the rights to specifically Indian tunes.
In a statement, Spotify said: “Since February 2019, we now power an average of 11 billion artiste discoveries per month (globally) on the platform which quite simply means that listeners are beyond curious and vastly open to expanding their taste in music. In fact, 18- to 24-year old listeners are particularly limitless when it comes to the genre of the artists they decide to stream for the first time.”
Spotify has more than two million users in India, and, while Indian music dominates, it is clear that Generation Z (the next one down from Millennials) is causing the musical world to shrink. Tastes, now, are carrying across cultures. That’s good news for a global service.
Spotify has a huge selection of traditional Indian music in a variety of dialects, but it’s facing entrenched players in the country, such as Gaana, which has 80 million listeners. The more Spotify can push international music there, the greater an advantage it gives itself against these players.
Dominion holds Spotify in its Global Trends Luxury Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.