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Spotify, the Swedish music broadcasting giant, was launched in India on February 27, after many anticipations. The streaming service, known for its selected playlists and podcasts, is entering the growing music streaming market in India to compete with groups such as Apple Music, JioSaavn, Amazon Music and Gaana.
The parent company Spotify AB reportedly gave 48 crore to Rs. Indian arm. "India has an incredibly rich musical culture and to better serve this market, we are launching a bespoke experience, not only will Spotify present Indian artists around the world, but also music from around the world. for Indian fans, "said Daniel Ek, founder and CEO of Spotify
As a new entrant to India, Spotify is developing Hindi content as well as regional music content on the app.
The Indian Continuous Music Market
India's streaming market revenues are expected to be in the region of $ 213 million in 2019. They are expected to grow at a compound annual growth rate of 1.6% and reach 227 million dollars in 2023. The penetration rate of users was 6.5% in 2019. It could reach 7% by 2023.
The most important market is the United States, with an expected business turnover of $ 4.3 billion in 2019.
These applications, which allow you to listen to music and download it to your cloud, have become famous in the past. decade, with various actors shuffling against each other. They charge a monthly subscription (without advertising) or provide music financed by advertising.
Competitors
In India, Spotify already has a diversified and huge clientele which is why it could be a difficult competitor for well-established applications.
In March 2018, more than half of all customers used Google Play Music to stream music, while JioSaavn was the second-most-used streaming service. Gaana, Wynk and Hungama held small shares in the sector, while Apple Music and Amazon Music were relatively new to the market.
19659002] Spotify has launched special plans for its premium service, such as JioSaavn Pro or Gaana Plus. The Premium plan would be free for the first 30 days after which users would pay 119 Rs a month. The premium prepaid plan, in addition to an annual subscription, also includes daily, weekly, monthly, quarterly and semi-annual plans ranging from 19 to 118 rupees.
Apple charges 120 rupees a month for its services in India. while Jio Saavn charges 120 Rs for its Lite version and 250 Rs for the Pro version. In contrast, Google Play charges Rs 99 per month. Amazon Music is the cheapest, with a fee of Rs 1,000 per year.
Spotify is already a partner of T-Series and Sony, as he fights against the court to obtain music rights in India with Warner Music Group.
(Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust, which controls Network18 Media & Investments Ltd)
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