Spotify eyes Latin America where growth on pace with parts of Europe

HUGE UNTAPPED MARKET: The key to attracting paying subscribers in Latin America lies in the consumer's ability to pay for services such as Spotify and Pandora as part of their mobile phone contracts.

MIAMI: Music streaming service Spotify is setting its sights on Latin America where the 17 countries it operates in could comprise up to 15% of its global business, the company's managing director of Latin America said. 

The privately held Swedish streaming platform is focussing on emerging markets after raising US$100mil (RM358.99mil) in 2012 to support that growth. Spotify launched in Mexico two years ago, said Spotify's Gustavo Diament, and the country is already among the top five of Spotify's 58 markets.