Spotify to list stock April 3, projecting path to profit

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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.

"For us, going public has never really been about the pomp or circumstance of it all", Daniel Ek, Spotify's CEO and founder, said at an investor event Thursday.

Global music-streaming giant Spotify has for the first time confirmed its impending India launch.

In India, on the other hand, rumors of a launch have been around for several months; it was reported earlier this month that the company had already set up an office in the country. The report also shows that Spotify has 308 employees across 21 nations, that includes India as well as Brazil, Singapore and others.

Apple Music has been available since mid-2015, Google Play Music entered the market previous year, and Amazon Music just launched over two weeks ago. 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. Spotify has grown the percentage of subscribers who pay for the service, which sat at 45% at the end of 2017, up from 39% a year before. But it lost $461 million previous year. Just a few months since then, Apple Music is now reporting a total of 38 million paying subscribers, and 8 million trial users.

Aside of its plans of expansion, Ek also reiterated the plans of Spotify to go public on April 3.

The biggest day in the history of the streaming music business will be officially upon us in less than three weeks.

Those figures should climb after the recent announcement Spotify would roll out in South Africa, Israel and Vietnam.

The Spotify service allows for personalisation, so fans can find the music they love easily, while helping them discover new music and artists to love, based on their taste and listening patterns. "The most important day isn't our listing day".

Speaking on the partnership, Ek said during the presentation, "Our view is that the Chinese market isn't necessarily very favourable to western companies, so our view was we wanted to get exposure to that growth".

While Spotify has tried to guide investors in its listing prospectus by disclosing the value at which shares have changed hands in private transactions, the range has been wide.

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