Spotify has huge opportunity in India: CEO Daniel Ek

Spotify CEO Daniel Ek stated during the company’s revenue conference call that the audio streaming network has a significant opportunity in Southeast Asia, particularly in India, in the near future. Asked about India's growth, the CEO remarked that the country's Total Addressable Market (TAM) is more than a billion people, and that India and Indonesia are two of the company's 'very well-performing' countries.

"We continue to see good growth in our largest established areas, an ongoing resurgence in developing markets like India, and greater traction in our 2021 market launches," added Spotify CFO Paul Vogel.

Spotify Technology announced quarterly revenue that exceeded analysts' expectations due to increased advertising revenue. Revenue for the first quarter through March 31 increased by 24 percent to 2.66 billion euros ($2.82 billion). Analysts predicted revenue of 2.62 billion euros on average, according to IBES data from Refinitiv.

While Operating Expenses increased by 27% year over year to €677 million in Q1, total monthly active users increased by 19% to a new high of 422 million. For the quarter ending March 31, 2022, the audio streaming service platform added 16 million monthly active users, bringing its overall user base to 422 million.

Spotify's stock increased by approximately 5% in trade as more individuals signed up for its premium subscription. The company has made significant investments in podcasts and other ventures.