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Spotify is finally set to make its debut in India

17 March, 2018, 01:54 | Author: Janis Wilson
  • APPLE MUSIC

Once Spotify does come into the Indian market, it will have to compete against these established players to capture market share.

Spotify will be giving its first yearly financial guidance on March 26. "We're not focused on selling hardware". "For us, going public has never been about the pomp or circumstance of it all", Ek said.

72% of Spotify users are under the age of 34, while 43% are under the age of 24.

In a video explainer published on Spotify's investor page shortly before the event kicked off, the company said it is "well capitalized" and does not need to raise new capital through a public offering.

The music streaming service plans to launch its initial public offering on April 3, Daniel Ek, music-streaming service's CEO, said Thursday during the company's inaugural "Investor Day".

It says the royalty costs it pays to artists and publishers are so hard to calculate that in the past it has been unsure how much it owed, prompting what are known as "material weaknesses in internal controls" for each of the past three years with the danger of more in the future.

Spotify is keen to paint itself as a good guy looking after the interests of its backers - existing and future. He cheekily calls this "self-driving music". Now over 30 percent of Spotify listening is based on its own programming through featured playlists, artists, and more.

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The absence of Wall Street ceremony only adds to the unusual nature of Spotify's IPO.

Spotify also began testing a new voice-search service that allows users to seek content through a new voice interface, similar to Alexa or Siri, TechCrunch reported. That's both on its platform, and using its targeting and analytics info to deliver efficient ticket and merchandise promotions elsewhere.

Yet with music catalogues and prices mostly similar across the industry, Spotify will have to depend on its personalized recommendations and platform-agnositic strategy to beat its deep pocketed competitors.

A Spotify spokesman later confirmed the IPO date.

Kenyan mobile operator Safaricom recently announced the launch of its music streaming service called SONGA, according to ITNewsAfrica.

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.

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