Swedish audio streaming service Spotify stated India is displaying robust indicators of development as one of many platform’s key rising markets, and claimed it has develop into the primary service in engagement and podcast content material within the nation.
“We at the moment are the clear primary music streaming service in India, judging by engagement. As engagement grows, our playbook momentum continues to extend. With the explosive development in model consciousness, we’re additionally on our option to being the market chief in podcasts,” stated Alex Norström, chief freemium enterprise officer at Spotify, talking in the course of the firm’s Investor Day presentation final week. One out of each 4 music listeners on Spotify in India tunes in to podcasts, the corporate stated.
“When Spotify debuted publicly, we have been obtainable in 65 markets all over the world. In simply 4 years, we’ve nearly tripled that quantity to 183 markets and territories. And this contains among the largest and most fun audio markets on the earth like India and South Korea and your entire continent of Africa,” Spotify founder and chief government officer Daniel Ek stated on the investor day presentation.
Globally, Spotify goals to double its attain to 1 billion customers by 2030, with exponential development potential seen in podcast promoting given the rise in time customers spend on and off the platform – together with its potential to monetize an rising portion of that point. At present, Spotify monetizes 14% of all podcast listening hours on the platform.
Mint had earlier reported that Spotify is streamed in additional than 7,000 cities and cities in India and had clocked double-digit development in month-to-month lively customers final yr. The nation can also be one of many high 20 markets for user-created playlists on the platform. The service has 150 plus authentic and unique podcasts in Hindi, Tamil, Kannada, Bengali, Telugu, Punjabi, English, Gujarati, Malayalam, and Marathi. Podcasts created on Anchor, the podcast creation device hosted on Spotify, grew 130 instances from the beginning of 2020 until the top of 2021. Additional, a majority of Spotify’s listeners in India are Gen Z (born between mid to late Nineteen Nineties and 2010s) who eat music and podcasts with equal curiosity. Actually, a majority of the podcasts shared from Spotify on social media are by Gen Z.
In keeping with the Ficci EY media and leisure report 2022, the Indian music section grew by 24% to achieve Rs. 1870 crore in 2021. 90% of the revenues have been earned by means of digital means, although most of it was advertising-led, with solely 3 million paying subscribers. Indians spent a mean of 21.9 hours per week listening to music, which is increased than the worldwide common of 18.4 hours per week.
India’s audio streaming market is dominated by Gaana, the streaming service owned by Instances Web Ltd, with a 30% share, adopted by JioSaavn (24%), Wynk Music (15%), Spotify (15%), Google Play Music (10%), and others (7%), in accordance with a research by Kantar and viewers measurement and analytics firm VTION in January 2020.
Supply: Live Mint