Two recent stories have surfaced last week of which one can now for sure be confirmed.
Spotify has launched in Japan.
The Nikkei earlier this summer reported that the launch was imminent. The publication, one of Japan’s leading business publications, said that Spotify Premium would cost around 1,000 yen (close to $10) per month, and that’s the same price range we have heard.
You can read more about the launch here.
As for Spotify’s next move in Asia: Tech Crunch additionally reported back in March that it was casting its eye on India, and the country could well be its next target. However, it is understood that there’s been no solid commitment on that from Spotify yet.
In related Spotify news, iHeartMedia, founder of iHeartRadio appears to be readying their Spotify “competitor” as well according to a new article by the NY Post.
The paid streaming service, the first of its kind for a traditional radio outfit, will include a $5-a-month ad-free radio station and a $10-a-month on-demand music service, according to people familiar with iHeartMedia’s plans.
How does this affect Symphonic clients?
Well, it means a more crowded Streaming sector but, it also means more potential revenue growth. We’re excited to see that Spotify is getting into large markets as their launches typically give an uptick to streaming figures for our clients.
The iHeartRadio news is also quite positive as it means there is more potential for an artist or label to be recognized through the platform as opposed to the various steps that it takes to be recognized within that current platform.