Spotify expands to new territories ahead of IPO next month

Spotify expands to new territories ahead of IPO next month

Spotify has increased its global footprint today with new launches in Israel, Romania, South Africa and Vietnam.

The additions have been announced as it's been reported that Spotify will list its shares on the New York Stock Exchange in the week of April 2.

The new territories will bring Spotify’s global tally to 65 markets, though it lags well behind Deezer (189 countries) and Apple Music (115 countries). However, Spotify remains the largest streaming service with 159 million users including 71m Spotify Premium subscribers – but Apple Music is chasing in the US

Cecilia Qvist, global head of markets at Spotify, said: “We’re really excited to bring Spotify to Israel, Romania, South Africa and Vietnam, connecting their rich music cultures with millions of artists and users across the world.” 

The streaming giant has added the international territories as it prepares to launch its IPO in the US. In the filing, co-founder and CEO Daniel Ek revealed his ambitions for Spotify to “enrich, strengthen, and extend those moments and connections” that music can provide. 

The impending IPO has also focused attention on labels’ stock holdings. BMG CEO Hartwig Masuch has joined calls from WIN for major labels to share the proceeds from any sale with the indie labels and artists they distribute.

Sony Music has announced it will share any windfall from stock sold with independent labels it distributes.

author twitter FOLLOW Andre Paine

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