In India, Spotify has been experiencing rapid development. Spotify CEO Daniel recently stated on the company’s revenue conference call that the audio streaming network had a major opportunity in Southeast Asia, notably in India, in the near future. Spotify celebrated its three-year anniversary in India in February this year.
Over the last three years, Spotify has worked with over 100 businesses from a variety of industries, including FMCG, OTT, and e-commerce, who choose the audio streaming platform to reach their target audience. Spotify is investing in making Premium more accessible for listeners in India through a number of plans, including Mini, and brand collaborations, in addition to developing the market for the overall audio streaming sector in India. We anticipated India would be a significant market for Spotify even before we launched. It’s been amazing to be adored by our market’s listeners, and the importance of audio has grown in the previous two years as people spend more time at home. We’ve become one of the top audio streaming platforms in the area thanks to strong connections with the artist and podcaster communities, a growing archive of music and podcasts, and accessible, local marketing strategies. In India, 150,000 user playlists are created every day on Spotify, Anchor, our podcast creation and distribution tool, is used to create content in over 13 local languages, and we’ve conducted multiple masterclasses and workshops to educate artists.
India is predominantly an ad-supported market, the stats seem very different. However, we more than doubled our Premium users in India in 2021, indicating that the market for streaming is thriving. Whether it’s about content consumption or development, the industry’s trends change all the time. Punjabi Pop is no longer limited to India. Local music is destined to go global, thanks to singers like AP Dhillon, who have a big local and international following, and Armaan Malik, Renuka Parmar, and Asees Kaur, who have made it to the Times Square billboard. Both listeners and artists in India benefit from our continued efforts to use Spotify’s full potential as a global platform.
We’ve been launching newer, more customized products and innovations for advertisers as well, and thankfully, everything has been doing well in terms of total growth value. Furthermore, we see tremendous demand for the platform from Gen Z listeners, urban millennial listeners, and multi-device premium users in terms of prospects. We’ve been lifting the bar for all of them to improve their Spotify music experience.
Our worldwide team recognizes that India, as a market, requires unique attention in terms of product, content, curation, and marketing. We have only scratched the surface of India’s potential, and as long as we continue to deliver a localized strategy over the next three to five years, India will play a critical role for us globally. Everyone’s Spotify listening experience is unique and particular to them, and in a country with so many languages and musical styles, it’s difficult to say that one type of music is more popular than another. Deeper engagement in both creation and curation, in our opinion, is the best way to define Indian music taste.
The focus areas will not alter based on the age of the listeners. Although Gen Z is a significant Spotify user, they are not our sole focus. We examine the market from a variety of angles, including age and culture. We feel it is critical to recognize cultural subtleties and incorporate them into the personalization that sets Spotify apart. Our goal is to make India one of Spotify’s largest markets. Three years is a pretty short period to get to the point where Spotify is in the country right now. We are delighted with our work in such a short time, but there is still much more to be done.
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