In just one week of its India operations, Music streaming major, Spotify has accumulated 1 million users in India. The figure includes both free subscribers as well as paid subscriptions.
Touching a customer base of one million is nothing more than an achievement but Spotify is expected to carefully measure its every business move in the country, particularly during its initial stint.
As per industry body, IFPI, India stood as the 19the largest market in the globe for recorded music in the year 2017 accounting for revenues of more than $130.7 million of which $87.4 million came from streaming.
As per a report published by Deloitte and Indian Music Industry Body(IMI),’’ Paid subscribers provide a stable source of revenue, but unfortunately in India less than 1 per cent of the subscribers are paid users and nearly 14 per cent subscribers are bundled users; the remaining 85 per cent of users are on free subscription.’’
Another research firm, Midia Research stated its views that’’To unlock the scale opportunity, streaming has to look beyond subscriptions, and also beyond ad-supported.”
