Spotify said today it plans to launch in 85 new markets, nearly doubling its market presence and making the service available to more than a billion people worldwide.
Spotify’s entry in new countries across Asia, Africa and Latin America significantly increases the gap with its closest rivals, Apple Music and Amazon Music.
After the announcement shares in the Swedish company rose by six per cent.
Alex Norstrom, the chief premium business officer at Spotify, explained the rationale behind the move.
“Together these markets represent more than a billion people, with nearly half of them already using the internet. Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest growing internet populations in the world,” he said.
Spotify is also attempting to make more money from podcasts and has announced the creation of a podcast advertising marketplace.
Advertisers will be able to buy adverts in the marketplace for a range of podcasts and target audiences both on and off Spotify.
Spotify has already invested hundreds of millions of dollars to boost the range of podcasts it offers.
On Monday, Spotify announced a partnership with the Russo brothers, the creators of Marvel films such as “Avengers: Infinity War” for multiple podcast series.