After four years in India, the music streaming platform decided to scale up its operations and ad business in one of the most significant markets of the world.
In an interview with e4m, the Head of Sales of the Swedish streaming giant said that there were very interesting creative solutions and innovations lined up for the event. The details of these offerings were not disclosed.
The Global Creative Director of the company was in India to celebrate the fourth anniversary of the company. Audio is one of the most effective media when it comes to recall value, according to a study funded by the company. According to the study, the ads have a higher Brand Impact than all other media.
According to the company, it currently works with over 300 brands.
There is a huge opportunity for the company's growth as internet access and online transactions are on a rise. The company wants to double the number of users in India by the year 2030.
Most of the business is driven by premium members of the service. Due to economic constraints, the premium membership is not growing as fast as it used to.
UPI is a new feature for recurring subscriptions and free trials that is meant to increase the number of young consumers. Users who had a credit ordebit card were the only ones who could access a free trial.
New features for creators and fans have been announced by the service.
They talked about the company's India journey, expansion plans and challenges.
There are challenges.
Over the last four years, it has been a great journey to market leadership in India.
Over 300 brands have been worked with on the ad side. We built strong alliances with our clients and agency partners as a result of winning several awards.
There is a lot of work to be done. Digital audio advertising is still in its infancy and as market leaders, our responsibility only increases. evangelisation, education, and inspiration will be doubled down.
Richard says that being the largest audio streaming service isn't an entitlement. A reward is what it is. It is one that has to be earned every day. We can build for the moments and moods and mindsets that are important to them when we focus on music fans and audio consumers.
Expansion on the agenda.
Given the fact that time spent on audio is more than video streaming, gaming, news, or anything else, we want to take audio to its rightful place in the media landscape.
We want to keep helping drive innovation and accountability through programmatic and automation.
I am not sure if this answer addresses the exact territory you are asking about but it got me thinking about growth and how we have managed it and a few things are still core to that. To be relevant locally is the first thing to do.
Sometimes we slow our market expansion to make sure we are able to launch with the languages that are expected in every market. Before asking advertisers to participate in listener interactions, we like to spend a lot of time building audiences and listening loyalty. Managing expansion with these concepts in place is more than just a matter of scale.
The offerings of the Indian cricket team.
The excitement around the Indian premier league is building up and we are helping our partners understand how best to use the streaming service.
We own the build up to the match and the celebrations after the match across phones, smart TVs, car, watch and gaming consoles.
During last year's tournament, we saw an increase in cricket related streams on the platform. The majority of the users on the platform are cricket fans. More than 70% of cricket fans use digital payments, and 22% of them have participated in Fantasy sports.
Some of the innovative solutions and innovations that we have lined up will be very exciting for our audience and brands.
A DJ that is powered by an artificial intelligence assistant would play music according to your preferences. The NFT-enabled playlists is being worked on by us. Users in India will have to wait for these innovations.