Spotify Rolls Out Free Tier in South Korea
Spotify made its free tier available to listeners in South Korea on Wednesday (Oct. 9). When the streaming service launched in the country in 2021, it only made its subscription option available for music fans.
“We’re opening the door to every Korean listener to start discovering and connecting with millions of songs and podcasts with our technology and service,” Gautam Talwar, general manager, Asia Pacific, for Spotify, said in a statement. That “means huge potential for new audiences, discoverability and ultimately, more revenue for artists.”
South Korea was the seventh largest music market in the world in 2022, according to the IFPI, trailing the U.S., Japan, the U.K., Germany, China, and France. “Countries such as China and South Korea have significant growth of fans paying for streaming,” Shridhar Subramaniam, Sony Music’s president of corporate strategy and market development, Asia & Middle East, told the IFPI. “The paid ecosystem is established, and now the challenge is to look at the value of music on streaming and social media platforms.”
Talwar said average monthly streams of South Korean artists on Spotify now exceed 5.8 billion. That is “over 70% growth since Spotify’s launch in South Korea three years ago — spanning across K-Pop to Hip-hop, Indie and more — with markets such as the United States, Indonesia, the Philippines, Japan, Mexico, Brazil, Thailand, India, South Korea and Taiwan among the top streamers.” Talwar added. “We are committed to growing and expanding artists’ reach worldwide and the launch of our Free offering in the market will add even more Korean listeners to that mix.”
Spotify added 7 million subscribers in the second quarter of 2024, exceeding its forecasts. It now has more than 626 million total monthly active users, and 246 million subscribers.
Elias Leight
Billboard
