Streaming music leader Spotify said on Thursday it has a clear path to profit as it prepared to spell out to investors the company's growth plans and how it aims to fend off major rivals ahead of a stock market listing.
Spotify's CEO and Chairman, Daniel Ek, is about to give a live presentation to investors and would-be investors in NY.
"I think the traditional model for taking a company public isn't a good fit for us", said Mr. Ek, who said he won't ring the bell the day Spotify's stock opens on the New York Stock Exchange.
He didn't provide any specifics as to when Spotify may release nationally but this confirms that Spotify definitely has India's music loving audience on its radar. What we do know is that Spotify leased office space in Mumbai last month, so a launch does seem imminent. This was disclosed in their public offering filing, which further concretes that the launch in India is quite near. Additionally, the Economic Times had earlier reported that Spotify has hired Akshat Harbola as the head of its India operations.
While both Apple Music and Google Play Music are also available in India, the battle for music-streaming supremacy in the world's fastest-growing mobile market might have begun with Amazon's entry and will only intensify once Spotify launches.
The service's free platform was a major reason why Taylor Swift chose to remove her music from Spotify in 2015 (before restoring it a year ago after some reported six-figure persuasion from the company).
It is also rumoured that Google-owned YouTube is working on a dedicated music-streaming service.
Ek, meanwhile, talked up the benefits his business has delivered and will deliver to the music industry, which has seen recorded music revenues go back into growth on the back of the Spotify-led streaming boom.
The biggest day in the history of the streaming music business will be officially upon us in less than three weeks.
While investors were impressed by the ability of the team to articulate the company mission, it will be the ultimate judgement of the market that counts for Spotify.
"As a publicly listed company, Spotify's private investors and employee shareholders will be able to sell their shares on the New York Stock Exchange, instead of the private market", the company said.
With Spotify available on PlayStation Music, users can stream music on their PlayStation 4 while gaming.
"We believe that South Africa is a great country to start", said the managing director of Spotify for Middle East and Africa, Claudius Boller.