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After a successful U.S. launch, streaming music service Spotify is now turning its attention to Canada.
Spotify’s recently published annual accounts reveal plans to expand further into the North American continent via the Canadian market, according to a Wall Street Journal report. The annual accounts also mention that Spotify plans to launch its service into Asian and South American markets in the future.
The Stockholm, Sweden-based company’s ultra-popular music service, which allows users to share their playlists with others and discover new music, first gained popularity across Europe before coming to the U.S. last year. More recently, the company launched the service into Australia and New Zealand.
That said, the expansion into Canada is the next logical step for Spotify. The market is very similar to the U.S., which should make marketing and content licensing deals easier to identify. And if Netflix is any indication, Spotify will experience successful growth in under a year.
The service currently has 4 million paying subscribers and over 15 million total active monthly users, according to information the company shared back in July.
Spotify has raised around $188 million in funding, and is reportedly seeking a massive new round that could boost the startup’s valuation upwards of $3.5 billion.
Photo via CBC News