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Spotify set for New York IPO on April 3

Spotify set for New York IPO on April 3

Spotify set for New York IPO on April 3

Even though Spotify hasn't officially launched in India, there are many people in the country (including me) who still manage to use this streaming service. Well the wait appears to be limited now, because if we go by what the Spotify co-founder and CEO Daniel Ek had to say, Spotify will soon launch operations in India.

Earlier this month, the music streaming company said that it leased for office space in Mumbai past year. The report also shows that Spotify has 308 employees across 21 nations, that includes India as well as Brazil, Singapore and others.

Spotify is the world's largest music streaming subscription service with a community of over 159 million users, including over 71 million Spotify Premium subscribers, now across 65 markets worldwide. 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.

Now the company boasts over 159 million monthly active users and 71 million premium subscribers, and is valued at nearly $20 billion.

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.

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Spotify executives defended the company's plans to sell shares directly to the public rather than list via a traditional offering with underwriters. Instead, its first public market valuation will be set just before the stock lists, based on the number of shares that existing investors want to sell, demand from those willing to buy and the price that the parties agree on.

Here's what analysts at Goodwater Capital, a consumer tech investment firm, said Spotify did right in its path to an initial public offering.

"We believe that South Africa is a great country to start", said the managing director of Spotify for Middle East and Africa, Claudius Boller. He pointed to the growth in music industry revenues in 2015 and 2016 being driven by streaming.

Michael Krause, managing director for Europe, Middle East and Africa at Spotify, spoke about the company's intention to expand into other parts of Africa, but did not give further details about the markets involved. "Instead of a traditional roadshow process focusing on a relatively small group of USA -based institutional investors, we are hosting an Investor Day presentation which will be streamed live and viewable around the world".

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