Spotify Launches Music Streaming Service In South Africa

Earphones are seen on a tablet screen with a Spotify logo on it in Zenica

Spotify's attention towards India comes at a time when Amazon Music has just launched, and Tencent Music has invested in local music-streaming service, Gaana.

"We are working on launching in some of the biggest markets in the world, including India, Russia, and Africa which has a very rich musical culture", Ek said.

While both Apple Music and Google Play Music are also available in India, the battle for music-streaming supremacy in the world's fastest-growing mobile market might have begun with Amazon's entry and will only intensify once Spotify launches. So far, the company has partnered with more than 250 businesses across televisions, cars, laptops, receivers, and speakers, among others. "We're focused on selling music and connecting artists with fans" said Ek.

It's unclear exactly what Spotify will be valued at on April 3rd, but during 2018 its shares have traded on the private markets for between $90 and $132.50, valuing the company at $23.4 billion at the top of the range. But it lost $461 million previous year.

As the Swedish music streaming startup Spotify prepares to go public on April 3, techies want to know what made this startup so special. The longer Spotify waited to go public, the larger that discount and interest grew.

The service has 159 million monthly users, 71 million of which pay for a premium subscription, according to its IPO paperwork.

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Spotify is a music, podcast, and video streaming service that was officially launched on 7 October 2008.

Spotify, in a filing to U.S. regulators, said that it had a 42% share of the global market in streaming in revenue terms in 2016.

"For us, going public has never been about the pomp or circumstance of it all", CEO Daniel Ek told the crowd gathered for the investor-day event or listening via live stream.

The streaming giant won't actually issue any new shares or raise money in its IPO, rather its existing stakeholders - which include the music majors and Merlin, the independent digital rights agency - can offer their shares to investors, a practice known as a direct listing.

Also, Spotify's controversial "freemium" model won't be abandoned. In a sense, it's pushing to democratize its shareholding in much the same way it's aiming to democratize music.

Spotify allows users to browse, discover, curate playlists, build their own music collection and share music with friends.

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