Music streaming in India has reached a stage where it is now becoming an industry worth investing in. People who were early to spot the surge in this industry in India reaped great profits. The reason for this is that previously there used to be Google Play and music apps inbuilt where you could download pirated songs and listen. Nowadays, everything has turned into streaming as the internet has become cheap and data is available to burn.
India was already thriving when the world’s leading music streaming company came to India. Spotify came in with companies already sitting on the throne. However, there was not one but many competitors the Swedish company had to beat to qualify as successful in India. That being said, India is a market that is price-based and the quality of the service provided might not work if it is out of a certain price band.
However, Spotify had all the data they had analyzed, thanks to their competitors who had tried all the possibilities before settling on the price tag. The Swedish company came to India and hit the right notes without any problems. The reason for this was that the competitors had done all the research and Spotify just had to use that and enter the Indian market.
The Swedish company offers many features which are better than the music streaming platforms usually offer in India. That being said, the company has put out the numbers for quarter one and they are nothing but promising. In India, the company, within the first three months has 2 million monthly active users. This has surged the global revenue by a handsome 33%.
The company has managed to hit the right notes not only in India but also in the Middle East and North Africa. Spotify reached a global count of 100 million premium or paid subscribers. The number was around 75 million last year. By the end of this quarter, the number is forecasted to reach 107-110 million paid subscribers. Spotify has 217 Monthly Active Users (MAUs).
The total revenue of the company, as told, rose by 33% to a stunning $1.69 billion. Europe shares about 40% of the total paid subscribers while North America comes in a distant second with 30%. India is yet far from these regions but it has the ability to reach similar heights or go beyond once the company catches flight in the subcontinent.
Spotify competes with JioSaavn, Gaana, Amazon Music, Hungama, and YouTube Music as well.