Spotify to launch in 85 new markets, reach over a billion people
Spotify said on Monday that it would nearly double its market presence by launching in 85 new markets in the next few days, making the music streaming service available to more than a billion people around the world.
The company’s shares, which were down in early trading, reversed course to rise as much as six percent to a record high.
The Swedish company, which started its service more than a decade ago, is currently available in 93 countries and has 345 million monthly active users.
While Spotify is the leader in music streaming, entry in new countries across Asia, Africa, Europe and Latin America would significantly increase the gap with its rivals, Apple Music and Amazon Music.
“Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Spotify Chief Premium Business Officer Alex Norstrom. “Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest-growing internet populations in the world.”
An earlier expansion drive in India, Russia and the Middle East has already brought in millions of subscribers.
While paid subscribers got a boost during the coronavirus pandemic as people locked in their homes opted for its premium service, the company is now looking to boost its advertisement revenue.
In a one-and-half-hour livestream featuring singing by Justin Bieber, Spotify released a host of new features for artists and tools for advertisers for better targeting its millions of users across music and podcasts…..read more
Source: Al Jazeera