On Feb. 26, Tuesday, music streaming giant Spotify (SPOT) announced it launched the app in the population-dense market of India.
Spotify, the world’s largest music streaming subscription service with about 207 million users — including 96 million Premium subscribers across 79 markets, looks to gain momentum in the market touted as the fastest growing space for mobile apps.
According to Spotify, it looks to generate subscriptions from over 400 million active internet users in India.
Given the pricing system in India, Spotify has also gone the route of Amazon (AMZN) Prime Video and Netflix (NFLX) and launched its premium plan in the country for INR 119 a month — that’s just about $1.65 per month.
“As Spotify grows, our goal is to bring millions of artists and billions of fans together from every country and background,” said Spotify CEO Daniel Ek.
Spotify Premium in India is just about $1.65 a month
Investors would e on the lookout for first impressions of the app, as the Indian market heavily depends on its vernacular and regional music industry as well. It would be interesting to see how Spotify tackles licensing and royalties in this new geography.
“We’ve worked closely with local teams of musicians, creators and cultural tastemakers to ensure Spotify is going to be loved, used and favored by people all over India whether they’re listening to local Bollywood and Punjabi hits, or discovering curated global playlists of K-pop or Reggaeton,” added Cecilia Qvist, Spotify’s Global Head of Markets.
Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the
Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3
Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer