Can Spotify Win the Indian Audio Streaming Market?

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Spotify‘s (NYSE: SPOT) mission is to have one million creators making a living from its music platform and to have billions of people on the platform listening to them. To achieve those goals, the streaming audio giant will need to succeed and win market share in the world’s biggest markets. And given that it’s operating at something of a disadvantage in China because of the government’s preference for local internet companies, Spotify has focused a significant share of its investment on the only other country with more than one billion people: India.

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Spotify entered the Indian market in Feb. 2019, and since then, it has made rapid gains there compared to its streaming audio rivals. According to App Annie, at the end of Sept. 2020, Spotify had 42.1 million monthly active users (MAUs) in India — pulling ahead of local competitor Gaana and just behind market leader JioSaavn. If it keeps up this pace of growth, it should become India’s leading music service soon (if it hasn’t already).

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