Spotify inks new deal with Warner Music, improving music library in India1 min read . Updated: 01 Apr 2020, 10:15 PM IST
Artists like Cardi B, Bruno Mars, Ed Sheeran, Coldplay, Linkin Park etc. will now be available on Spotify in India
New Delhi: Music streaming service Spotify today announced that it has renewed a global licensing contract with Warner Music Group. “Spotify and Warner Music Group are pleased to announce a renewed global licensing partnership. This expanded deal covers countries where Spotify is available today, as well as additional markets," the company said in a statement.
The company had recently signed a licensing agreement with Warner Chappell, a publishing arm for Warner Music. The deal improves Spotify’s music library in countries like India, making it more competitive against Apple Music and other streaming services.
Losing the licence had taken popular songs off Spotify’s library, something many users have complained about. It took the company a full year to fix the problems, but it means artists like Cardi B, Bruno Mars, Ed Sheeran, Coldplay, Linkin Park etc. will now be available on Spotify in India.
The music streaming service recently reported, in its Q4 2019 earnings call, that it has registered a 31% growth in monthly active users on a year-over-year basis. The company said it had 124 million paid subscribers, a 29% increase compared to last year.
In the Indian market though, Spotify faces competition from not only global giant Apple with Apple Music, it also has to contend with local players like Gaana and JioSaavn. In fact, Gaana recently claimed that it has 150 million users in the world, which would make it one of the most popular streaming services worldwide. Spotify last reported that it has 2 million MAUs in the first quarter of 2019.
The music streaming market in India is said to be worth over $150 million right now and has been growing steadily due to the proliferation of high speed mobile Internet in the country. Market research firm TechSci Research has estimated that the Indian market will reach over $400 million by 2023.