Spotify Expanding to More Markets Later This Week

Spotify will expand its reach to eight other countries as early as tomorrow, according to sources familiar with the company’s plans. CNET on Monday first reported the possible growth, saying the on-demand subscription-based service could arrive in Mexico, Hong Kong, Singapore, Malaysia, the Baltics and Iceland.

As other big companies look to introduce streaming services of their own—AppleGoogleand Amazon, just to name a few—expansion will be key to Spotify’s increasing popularity. As of March, the company said it was servicing over 24 million active users, 6 million of whom were paying subscribers. With such a solid on-demand model, some would say better than Pandora’s automated service, Spotify has become one of the fastest-growing digital music companies ever, CNET said.

Since launching in 2008, Spotify has garnered a reputation for paying labels some pretty healthy returns—the service pays 70 percent of every dollar it makes. That puts the service right behind iTunes for label revenue. With such an enormous presence, the likelihood of securing more and better deals will only go up. And, thus, more expansion.

With so many other companies attempting to enter into the crowded streaming music scene, Spotify is further pulling ahead as the defacto choice. For anyone in any of the eight new markets, enjoy.

[Source: TechnoBuffalo]