@BusinessDaily

Spotify enters South African market

6 months ago, 13 Mar 07:33

By: Reuters

Global music streaming provider Spotify is set to launch its services in South Africa on Tuesday, marking its entry into Africa, where there is a rapid uptake of smartphones and improving telecommunications infrastructure. The Swedish company, launched in 2008 and available in more than 60 countries, is the biggest music streaming company in the world and counts services from Apple Inc, Amazon.com Inc and Alphabet Inc’s Google Play as its main rivals. The South Africa launch comes as Spotify prepares for a direct listing for its shares on the New York Stock Exchange, which will let investors and employees sell shares without the company raising new capital or hiring Wall Street banks to underwrite the issue. Further details about the South Africa service, pricing and content will be announced on Tuesday, the company said. An increase in connectivity across South Africa, helped by higher investment in infrastructure, as well as a growing uptake in credit cards and bank accounts has drawn global video and music streaming providers. Its music streaming market is dominated by players such as Apple Music, Google Play, France’s Deezer and Simfy Africa, with only a few local operators such as mobile phone operator’s MTN and Cell C with MTN Music+ and Black. Internet and entertainment firm Naspers also recently launched music streaming platform Joox, from China’s Tencent, in which it holds a 33 percent stake. In its filing to list its shares, Spotify said its operating loss widened to 378 million euros ($465.32 million) in 2017 from 349 million euros.
Read More


Category: business news lifestyle markets economy corporate opinion

Suggested

29 minutes
@TheEastAfrican - By: The Eastafrican
CRDB Bank announces new managing director

Abdulmajid Musa Nsekela rejoins CRDB to succeed Dr Charles Kimei. ...

Category: topnews news business
7 hours ago, 14:25
@StandardMedia - By: Reuters
Kenyan parliamentary panel accepts Uhuru's proposal to halve fuel tax

Parliamentary committee has accepted the president’s proposal to halve a new, unpopular value added tax on petroleum products ...

Category: business news
5 hours ago, 16:38
@CapitalFMNews - By: Correspondent
Igathe appointed Equity Bank Kenya Managing Director

NAIROBI, Kenya, Sept 20 - Former Nairobi County Deputy Governor Polycarp Igathe has been named the Managing Director of Equity Bank Kenya, five months Kenya breaking news | Kenya news today | ...

Category: business finance
7 hours ago, 14:25
@StandardMedia - By: David Mwitari
Sh40 billion building opens door in Nairobi’s Westlands

The building has an office tower, luxury five-star hotel, apartment community and mall all in one. ...

Category: business news
8 hours ago, 13:04
@TheEastAfrican - By: Jonathan Kamoga
South Sudan refugees rebuild their lives, one stitch at a time

Away from South Sudan, they are determined to start a new life by learning new skills in Uganda. ...

Category: business news
10 hours ago, 10:43
@AfricaNews - By: Abdur Rahman Alfa ...
Nigeria suspends plans for new national carrier | Africanews

The federal government's attempt to revive a collapsed national flier led to the unveiling of a name and logo in the United Kingdom at the Farnborough Airshow in July 2018. ...

Category: africa topnews news africa_business business

@BusinessDaily

Spotify enters South African market

6 months ago, 13 Mar 07:33

By: Reuters
Global music streaming provider Spotify is set to launch its services in South Africa on Tuesday, marking its entry into Africa, where there is a rapid uptake of smartphones and improving telecommunications infrastructure. The Swedish company, launched in 2008 and available in more than 60 countries, is the biggest music streaming company in the world and counts services from Apple Inc, Amazon.com Inc and Alphabet Inc’s Google Play as its main rivals. The South Africa launch comes as Spotify prepares for a direct listing for its shares on the New York Stock Exchange, which will let investors and employees sell shares without the company raising new capital or hiring Wall Street banks to underwrite the issue. Further details about the South Africa service, pricing and content will be announced on Tuesday, the company said. An increase in connectivity across South Africa, helped by higher investment in infrastructure, as well as a growing uptake in credit cards and bank accounts has drawn global video and music streaming providers. Its music streaming market is dominated by players such as Apple Music, Google Play, France’s Deezer and Simfy Africa, with only a few local operators such as mobile phone operator’s MTN and Cell C with MTN Music+ and Black. Internet and entertainment firm Naspers also recently launched music streaming platform Joox, from China’s Tencent, in which it holds a 33 percent stake. In its filing to list its shares, Spotify said its operating loss widened to 378 million euros ($465.32 million) in 2017 from 349 million euros.
Read More

Category: business news lifestyle markets economy corporate opinion

Suggested

29 minutes
@TheEastAfrican - By: The Eastafrican
CRDB Bank announces new managing director

Abdulmajid Musa Nsekela rejoins CRDB to succeed Dr Charles Kimei. ...

Category: topnews news business
7 hours ago, 14:25
@StandardMedia - By: Reuters
Kenyan parliamentary panel accepts Uhuru's proposal to halve fuel tax

Parliamentary committee has accepted the president’s proposal to halve a new, unpopular value added tax on petroleum products ...

Category: business news
5 hours ago, 16:38
@CapitalFMNews - By: Correspondent
Igathe appointed Equity Bank Kenya Managing Director

NAIROBI, Kenya, Sept 20 - Former Nairobi County Deputy Governor Polycarp Igathe has been named the Managing Director of Equity Bank Kenya, five months Kenya breaking news | Kenya news today | ...

Category: business finance
7 hours ago, 14:25
@StandardMedia - By: David Mwitari
Sh40 billion building opens door in Nairobi’s Westlands

The building has an office tower, luxury five-star hotel, apartment community and mall all in one. ...

Category: business news
8 hours ago, 13:04
@TheEastAfrican - By: Jonathan Kamoga
South Sudan refugees rebuild their lives, one stitch at a time

Away from South Sudan, they are determined to start a new life by learning new skills in Uganda. ...

Category: business news
10 hours ago, 10:43
@AfricaNews - By: Abdur Rahman Alfa ...
Nigeria suspends plans for new national carrier | Africanews

The federal government's attempt to revive a collapsed national flier led to the unveiling of a name and logo in the United Kingdom at the Farnborough Airshow in July 2018. ...

Category: africa topnews news africa_business business
Our App