We may have a drop date for Spotify in India: 31 January
Spotify, by some measures the world’s largest streaming music service, is finally going into India. At least, that’s the rumour. A number of outlets reported this week that the company – which has long been signing deals in India for rights to India’s fragmented music scene – will make its entrance into the country on January 31.
Spotify’s share price has soared by 17% so far this year
Source: Yahoo Finance
People started getting interested some time ago: Daniel Ek, Spotify’s co-founder and CEO, announced that the company was looking to enter some of the “biggest markets” in the world (including India) at its most recent investors’ day presentation. What followed was a buying spree, as the company looked to pick up rights to a host of musical genres that are India-specific (think religious devotionals for the country’s many sects, and the incredibly popular Bollywood genre). That, of course, is in addition to India’s home-grown pop, country, and more.
Just last week, the company made a final in-road on this quest, signing a global deal with T-Series to access a catalogue of more than 160000 Indian songs. Those include regional favourites and Bollywood hits. At the time, Spotify’s head of international licensing, Paul Smith, said: “Today’s deal with T-Series significantly strengthens our Indian music catalogue, bringing Bollywood to more than 200 million Spotify users worldwide.”
With a committed team of Indian employees already at work in the country, and rights to a huge catalogue of Indian music, Spotify looks set to conquer another continent. The only challenge left is the pricing: Apple Music is available in the country for just Rs 129 per month.
Dominion holds Spotify in its Global Trends Luxury Fund.
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