World's Largest Music Streaming Giant 'Spotify' to Launch in Korea in Early Next Year

[Asia Economy Reporter Buaeri] The world's largest music platform, Spotify, is launching in South Korea.

On the 18th, Spotify announced, "We will launch our service in South Korea in the first half of next year." Spotify is the world's largest music streaming service, with over 60 million tracks and more than 4 billion playlists.

Spotify stated that domestic users will be able to access music from global artists. The creative works of Korean artists will be connected to Spotify's 320 million users worldwide.

Spotify has been preparing for its entry into the Korean market, including establishing a Korean branch in Gangnam-gu, Seoul, last January. The reason Spotify is focusing on the Korean market is that Korea's music market is rapidly growing and ranks sixth in the world. Spotify said, "Korea is a very important region for realizing the company's vision."

However, the domestic music market is currently dominated by local platforms such as Melon, Genie Music, and Flo. According to Mobile Index by IGAWorks, Melon ranks first in the number of music platform users. On Android, Melon's monthly active users (MAU) in October reached 5,981,227. Genie Music had 3,036,809 users, and Flo had 2,037,632 users.

Alex Norstr?m, Head of Spotify Premium Business, said, "As a partner of the Korean music industry for several years, we have been doing our best to spread Korean artists' music across Asia, the US, South America, Europe, and the Middle East. Through the upcoming launch of our Korean service, we will dedicate ourselves to connecting diverse and new Korean artists not only with domestic fans but also with the world."

This content was produced with the assistance of AI translation services.