tech2 News StaffSep 26, 2017 11:12:14 IST
Spotify might be planning to extend its services to Asia.
In a report by the TechCrunch, Spotify is looking for two music editors in Vietnam and Thailand. They would be working in Spotify’s headquarters in Singapore. However, it is not yet confirmed whether the company would launch its services in Vietnam and Thailand.
Previously, Spotify had hired a music editor from Indonesia, according to TechCrunch in 2015. Within six months the music streaming company had extended its services there. If the same pattern is followed, then one could see Vietnam and Thailand added to the list of countries with the music streaming service in no time.
If sources are to be believed, Spotify is planning to expand further and is contemplating India as well.
Meanwhile, if Spotify were to come to India, it could face competition from Indian music services such as Gaana, Saavn, Google Music or Apple Music, which are already in operation here.
Back in June, it was speculated that the music streaming service could be issuing an IPO or initial public offering within a year.
Initially, according to a report, Spotify was working with investment banks like Morgan Stanley, Goldman Sachs Group Inc, and Allen & Co, to carry out a direct listing on the New York Stock Exchange later this year or early in 2018.
Spotify co-founder, Martin Lorentzon, however, told a Swedish radio station that there were no plans for a listing.
Spotify, which most recently was valued at $13 billion, lost 173 million Euros ($194 million) in 2015, according to figures disclosed by its Luxembourg-based holding company.
On 24 August Spotify had renewed its global licensing partnership with a third major label, Warner Music Inc, the last big music royalty deal it needed before pushing ahead with a US stock market listing.
Tech2 is now on WhatsApp. For all the buzz on the latest tech and science, sign up for our WhatsApp services. Just go to Tech2.com/Whatsapp and hit the Subscribe button.