Spotify India is expected to announce the result of its global media review very soon, and if sources are to be believed, Publicis Groupe and OmnicomMedia Group have been shortlisted.

Some sources in the industry have told e4m that the music streaming company has zeroed down on Publicis Groupe, however others say thefinal decsion is awaited. When e4m reached out to Spotify, a company spokesperson said they have not made any announcements on the same yet.

Meanwhile, IPG, which held the account for six years, is surely out of race. The agency has already received a letter of regret from Spotify, e4m has learnt.

According to estimates,Spotify’s Indiabusiness is believed to be valued at around Rs 150 crore to Rs 200 crore. Reports suggest that its global ad budget is approximately $240 million.

e4m had reporetd when Spotify called for a review of its global media account in November 2023. "It is one of the biggest global pitches of the year, and all major agencies are aggressively vying for the account," an industry source had told e4m then.

The multi-billion-dollar Swedish music streaming company Spotify is primarily owned by its founders, Daniel Ek and Martin Lorentzon.