Spotify, the Swedish audio streaming service, said India is showing strong signs of growth as one of the platform’s key emerging markets, and that it has become the country’s number one service in terms of engagement and podcast content.
“We are now the clear number one music streaming service in India, judging by engagement. As engagement grows, our playbook momentum continues to increase. With the explosive growth in brand awareness, we are also on our way to being the market leader in podcasts,” said Alex Norström, chief freemium business officer at Spotify, speaking during the company’s Investor Day presentation last week. One out of every four music listeners on Spotify in India tunes in to podcasts, the company said.
“When Spotify debuted publicly, we were available in 65 markets around the world. In just four years, we’ve almost tripled that number to 183 markets and territories. And this includes some of the biggest and most exciting audio markets in the world like India and South Korea and the entire continent of Africa,” Spotify founder and chief executive officer Daniel Ek said at the investor day presentation.
Spotify aims to double its global reach
It aims to double its global reach to 1 billion users by 2030. With podcast advertising showing exponential growth potential given the increase in time users spend on and off the platform. As well as its ability to monetize an increasing portion of that time. Spotify currently monetizes 14% of all podcast listening hours on the platform.
Mint previously reported that Spotify is streamed in over 7,000 Indian cities and towns and experienced double-digit growth in monthly active users last year. The country is also one of the top 20 markets on the platform for user-created playlists. There are over 150 original and exclusive podcasts available in Hindi, Tamil, Kannada, Bengali. As well as Telugu, Punjabi, English, Gujarati, Malayalam, and Marathi. Podcasts created on Anchor, Spotify’s podcast creation tool, increased 130 times between the beginning of 2020 and the end of 2021. Furthermore, the majority of Spotify’s listeners in India are Gen Z (born between the mid to late 1990s and 2010s), who are equally interested in music and podcasts.
The Indian music segment grew by 24% to Rs. 1870 crore in 2021, according to the Ficci EY media and entertainment report 2022. 90 percent of revenues were generated through digital channels. Although the majority of them were based on advertising. With only 3 million paying subscribers. Indians listened to music for an average of 21.9 hours per week. Which is higher than the global average of 18.4 hours per week.