India's Airtel to shut down music streaming app Wynk [TechCrunch]
Spotify Technology S.A. Ordinary Shares (SPOT)
Last spotify technology s.a. ordinary shares earnings: 4/29 06:00 am
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Source: TechCrunch
An Airtel spokesperson said in a statement that Wynk Music employees will be moved to other parts of the Airtel business. Wynk is part of Airtel's bouquet of complimentary services to its paying telecom subscribers. “Airtel customers will still have access to music streaming services through Apple Music. Moreover, Wynk Premium subscribers will receive exclusive offers from Airtel for Apple services,” the spokesperson added. The move is unexpected, as Wynk wasn't necessarily losing popularity, though its growth had slowed. According to brokerage firm UBS, Wynk Music made up roughly 5% of all music app downloads in the quarter ending June 2018. This figure increased to 8% for the same quarter this year, suggesting modest growth rather than decline. In the Asia Pacific region, Wynk Music had about 20% market share with downloads, according to Deutsche Bank. However, music companies in India have struggled against international competitors like Spotify and Apple Music over the last
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- 8/21/24 - Form 144
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