NEW YORK/LAHORE: Spotify said on Monday it would nearly double its market presence by launching in 85 new markets, including Pakistan, in the next few days, making the music streaming service available to more than a billion people around the world.
“Check it out, a new way to discover and play music is coming your way… 💥 #SpotifyPakistan,” read the caption on the first post sent from the Instagram account of Spotify Pakistan.
View this post on Instagram
The company’s shares, which were down in early trading, reversed course to rise as much as 6 per cent to a record high.
The Swedish company, which started its service more than a decade ago, is currently available in 93 countries and has 345 million monthly active users.
While Spotify is the leader in music streaming, an entry in new countries across Asia, Africa, Europe and Latin America would significantly increase the gap with its rivals, Apple Music and Amazon Music.
“Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Chief Premium Business Officer Alex Norstrom.
“Some of the places we’re going like Bangladesh, Pakistan, and Nigeria have the fastest growing internet populations in the world.”
An earlier expansion drive in India, Russia, and the Middle East has already brought in millions of subscribers.
While paid subscribers got a boost during the coronavirus pandemic as people locked in their homes opted for its premium service, the company is now looking to boost its advertisement revenue.
In a one and half hour livestream featuring singing by Justin Bieber, Spotify released a host of new features for artists and tools for advertisers for better targeting its millions of users across music and podcasts.
