Spotify doing incredibly well in India, has huge opportunity in near future: CEO Daniel Ek
The audio streaming platform posted a 24% rise in revenue to $2.82 billion in the first quarter
Audio streaming platform Spotify has a huge opportunity in Southeast Asia especially in India in the near future, CEO Daniel Ek said during the company's earnings conference call. Speaking about the growth in India, the CEO stated that the Total Addressable Market (TAM) in the country alone is over a billion, adding that India and Indonesia are some of the markets where the company is doing ‘incredibly well’
Echoing the same sentiments, Spotify CFO Paul Vogel said “We continue to see promising growth in our largest developed markets, an ongoing rebound in developing markets like India and increased traction in our 2021 market launches”.
On Wednesday, Spotify Technology reported its quarterly revenue which beat analysts' estimates on higher advertising income. As per reports, the audio streaming platform posted a 24% increase in revenue to 2.66 billion euros ($2.82 billion) in the first quarter ending March 31. According to IBES data from Refinitiv, analysts had expected revenue of 2.62 billion euros on average.
While the Operating Expenses totaled €677 million in Q1, an increase of 27% Y-o-Y, the total monthly active users rose 19% to a record 422 million in the quarter.
The audio streaming service platform added 16 million monthly active users for the quarter ended March 31, 2022, taking its total base to 422 million users.
Spotify’s shares surged about 5% in trading as people subscribed to its premium service. According to reports, the company has bet big on podcasts and other businesses.
