Spotify CEO Daniel Ek speaks onstage Thursday during Spotify's Investor Day in New York City.
Spotify launched its music streaming service in South Africa, marking its entry into the continent, where smartphones are gaining momentum and telecom infrastructure is improving.
However, Ek has not specified any date as to when Spotify plans to come to India.
Earlier this month, the music streaming company said that it leased for office space in Mumbai previous year.
Having said that, once launched in India, Spotify will compete with established players like Apple Music, Google Play Music, Gaana, Saavn, Hungama and even Amazon Prime Music which was launched late last month in the country.More news: Avengers: Infinity War Trailer
McCarthy, who is the former CFO of Netflix, said Spotify's ad-supported free service often leads to new users signing up for the premium edition, which costs $9.99 and comes without ads. Cue noted that Apple Music has hit 38 million paid subscribers - an increase of two million since the company reported last month. Spotify says free users often become subscribers, giving the company a growth path that can help it keep ahead of Apple. So far, the company has partnered with more than 250 businesses across televisions, cars, laptops, receivers, and speakers, among others.
"The traditional model for taking a company public just isn't a very good fit for us", Ek said during the presentation, eschewing a Wall Street look for a casual t-shirt, blazer and white sneakers combo.
While Spotify has tried to guide investors in its listing prospectus by disclosing the value at which shares have changed hands in private transactions, the range has been wide. This is typical for any company that's about to go public - after all, it wants to generate interest in its shares.
Earlier, in December 2017, Spotify, Chinese investment giant Tencent Holdings and its subsidiary Tencent Music Entertainment Group jointly announced equity investments, geared towards strengthening their presence in the global music streaming market.
Spotify has voiced confidence that streaming will keep up its fast-paced growth although the company has acknowledged that it has yet to turn a profit. Music isn't going away, so whoever can lock in listeners now at the dawn of streaming could keep coining off them for decades.