Earlier this month, world’s largest music streaming service Spotify announced their expansion to the Middle East and now the company is showing an intention to grow even further and reach the Indian market by Q1 2019. A report by Bloomberg claims that the Swedish platform has already secured deals with major music rights holders, taking a step closer to enter the country of 1.3 billion people.
Bhusan Kumar, managing director of the record label T-Series confirmed the new by saying “the deal is on”. T-series is the most watched YouTube channel with over 70 million subscribers and often the music videos appear there before anywhere else. However other record companies like Sony Music is yet to give its opinions on the matter. Sweden’s Di Digital reports that Spotify failed to acquire a worthy competitor, which is why it decided to enter the Indian market on its own.
The Stokholm based company has been aiming for the Indian market for sometime hiring a head of communications in the country and poaching an executive from a rival service this year. The company has also faced certain challenges in its Indian campaign. After Spotify began acquiring rights directly from musical, some record labels threatened to withhold rights for India. Matthew Harrigan, an analyst at Buckingham Research Group said that the push into India “is a major positive for supporting CEO Daniel Ek’s global growth ambitions”.
Spotify currently has around 87 million paying subscribers but only 8 million of them are from “rest of the world” that spans from Australia and Japan to Israel and South America. The paid streaming service is largely limited to North America, South America or Europe. Its debut into India will no doubt increase its number of subscribers. With the advent of fast Internet service, 75 million Indians are dependent on domestic services like Saavn and Gaana.
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