Spotify Sets April 3 as First Trading Day

Spotify Sets April 3 as First Trading Day

The company's SVP offered up some insight into the health of its music streaming service.

Ek hasn't revealed any specific details or the timeline for the India launch.

The news brings to a close mounting speculation on the flotation D-Day for Spotify, following the company's filing of a preparatory F-1 document with the US Securities and Exchange Commission last month. Earlier in 2016, the music streaming company had hired former Google executive Akshat Harbola as its Head of Market Operations, India.

With an increasing number of streaming music competitors-Apple Inc., Pandora Media Inc., Inc., Alphabet Inc. and others-Spotify told possible investors Thursday that it is trying to differentiate itself and not become just one of many music platforms. However, Amazon's entry with Prime Music has thrown the field wide open, and Spotify - which has a good brand recognition in India, will be looking to take advantage of this.

About 44 percent of Spotify's 159 million monthly active users (both paid and unpaid) log into the service daily and spend 49 minutes on it.

Spotify shouldn't be too anxious though with 71 million paid subscribers, which is double Apple Music's 36 million subscribers and Amazon Music's 16 million subscribers.

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Spotify has voiced confidence that streaming will keep up its fast-paced growth although the company has acknowledged that it has yet to turn a profit. So far, the company has partnered with more than 250 businesses across televisions, cars, laptops, receivers, and speakers, among others.

"Spotify is very excited to announce our launch in South Africa today".

Amid his familiar wide-eyed predictions about the company's future, Ek confirmed that the service now has 71 million global subscribers, along with 3,500 employees and more than 35 million tracks - "but we're just getting started".

The service allows music-lovers in Kenya the ability to stream their favorite music from local and worldwide artists, while providing a platform through which artists will be able to sell their music and make it available to consumers on a large scale. 72 percent of its users are under the age of 34, and almost half of them believed that Spotify is the only music service they need.

Apple Music said there are potentially 2 billion subscribers who haven't joined a service yet.

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