Spotify Surpasses 60 Million Subscribers

Krales  The Verge

Spotify continues to grow at a solid pace, adding some 20 million subscribers in under a year.

Netflix isn't the only streaming behemoth gobbling up headlines these days.

Spotify today announced that it has crossed the 60 million paying subscriber mark. The Swedish company, which was founded in 2008, has surpassed 60 million subscribers, new metrics for July have revealed. Shortly after in mid-June they officially announced that the total user base for Spotify was up to 140 million users monthly. In September of previous year, the company proudly touted 40 million paying subscribers. In exchange the company has agreed to restrict some album releases to its paid service for a few weeks - a significant source of contention between founder Daniel Ek and artists led by Taylor Swift.

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Interestingly, Spotify plans to skip the oft-dread IPO process, instead focusing on a "direct listing" with means insiders would be selling shares to the market rather than the company. Its recent growth (10 million new subscribers in four months) has been off the charts and puts them in a position to dominate the marketplace. Spotify has added more than 20m paid subscribers in the past year, outpacing Apple and fending off competition from large tech groups such as Amazon and Google in a cut-throat digital music battle.

The streaming outfit now services 60 markets around the globe with a catalog of more than 30 million tracks and two billion playlists. It also has more than 2 billion popular playlists.

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