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Who is the Spotify smart speaker OEM order? Hon Hai Group hopes to be very big
Spotify, the Swedish music streaming giant, has recently revealed plans to go public in the U.S., aiming to raise $1 billion (approximately NT$30 billion), which has sparked significant interest from investors. Alongside this move, rumors are circulating that Spotify is preparing to launch its own line of smart speakers, signaling its ambition to tap into the growing smart speaker market.
Although the OEM orders for Spotify’s smart speaker have not been finalized yet, the company's history of working with major players like Amazon and Apple gives Hon Hai Group (Foxconn) a strong advantage. With extensive experience in manufacturing smart devices, Foxconn is well-positioned to secure these contracts. Industry insiders suggest that if Spotify expands into hardware, its various component subsidiaries could also benefit significantly.
According to recent reports, Spotify boasts 159 million monthly active users, including 71 million paid subscribers—more than double the number of Apple Music’s subscribers. This impressive user base has solidified Spotify’s position as one of the leading music streaming services globally, making its upcoming U.S. IPO even more noteworthy.
In 2022, Spotify reported revenue of around $4.99 billion, reflecting a year-over-year growth of over 38%. Despite not turning a profit last year, with a net loss of $1.51 billion, the company remains highly valued. In the private equity market, Spotify’s valuation has ranged between $90 and $132.50 per share, with an estimated total market value reaching up to $22 billion. This highlights the strong investor confidence in Spotify’s long-term potential and its ability to capture a larger share of the global music and tech markets.