2018 IS THE YEAR FOR STREAMING APPS, according to Spotify's CEO, Daniel Ek, Spotify is set to enter the Indian market.

During the company’s annual presentation on Thursday, Ek stated that

“We are working on launching in some of the biggest markets in the world, places like India, Russia, and Africa which has a very rich musical culture.”

However, Ek didn't disclose any specific details or the timeline for the India launch. Earlier this month, Spotify had disclosed in its public offering filing that it had leased office space in Mumbai last year. The report also shows that Spotify has 308 employees across 21 nations, that includes India as well as Brazil, Singapore, and others. A former Google executive, Akshat Harbola is at present the head of Spotify India. India already has access to various music services like Saavn, Gaana, and Hungama. Even international music streaming services like Apple Music, Amazon Music and Google Play Music which have a fair share of the market. Spotify will have to compete against these established players to capture market share.

Though Spotify shouldn't be too worried though with 71 million paid subscribers, which is double Apple Music’s 36 million subscribers. The company has also recognized that most of its users are under the age of 34, making India an ideal platform to launch on with its current demographic dividend.

Spotify has already started expanding globally with launches in South Africa, Vietnam, Israel and Romania within the last week. The service is present in a total of 65 countries around the world within ten years of its initiation.

Spotify is also going public and is taking an unusual route to public markets through a direct listing, that essentially eliminates the need for a Wall Street bank or broker to underwrite a public offering along with many associated fees.

During the presentation on Thursday, the company said it would begin trading on the New York Stock Exchange on April 3, before which it will provide financial guidance for the first quarter and for 2018 on March 26.

The India music market’s revenue from streaming services is poised to cross Rs 3,100 crore by 2020 according to a report by Deloitte, and with Spotify leading the world in music streaming, it only makes sense that the company takes advantage of this opportunity. Not to say that there won’t be huge competition, but Spotify’s reputation and content should get them to the finishing line.