Spotify’s launch in Russia this July put the spotlight back on one of the more intriguing music markets in the world – historically dogged by piracy, but now with a collection of global and local services trying to turn the tide back to legal music.
Now Spotify, Yandex, vKontakte, Apple Music and others have a new rival to contend with: state-owned bank and financial services firm Sberbank.
The news actually broke last week in Russia when Sberbank announced the acquisition of an existing music streaming service called Zvuk, which has more than six million registered users, and is available in Russia and 10 other countries in its region.
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