Shares in the Swedish-based music group slid 5.7 percent to close at $141.16 after the company's 3rd quarter earnings report.
India is a fragmented marketplace, with a lot of different local labels and local publishers, making it hard to predict when Spotify will launch in the country, CEO Daniel Ek said in a post-earnings conference call on Thursday.
Speculation has been building that the world's largest music-subscription service, with 87 million paying customers, would use its distribution clout to bypass the labels and sign up artists itself.
Total Q3 revenue was €1,352 million ($1.54 billion), up 31% year-over-year.
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Jeff Wlodarczak of Pivotal Research said he remained positive on Spotify despite the "modest reduction" in the outlook. Coincidence or not, Spotify recently released a standalone app for Wear OS wearable devices, so it looks like the company is interested in bringing its app to as many devices as possible. That is if you are a Spotify family account holder within the US. This gave Apple Music, with over 50 million users, a strong hold on Apple Watch owners.
Free Google Home Mini deals are popping up left and right, and the latest example comes from Spotify.
Spotify said this week it would offer United States premium subscribers a free Google Home Mini to enable them to listen more easily in their homes, a move expected to cut into its revenues.