The streaming music business is becoming competitive and Spotify has just added another 10 million paid subscribers to its service. The service has now bumped its paid user base to 60 million.
It was only a few months ago when Spotify announced that it had 50 million paid subscribers. Now, the firm has updated those numbers and has added an additional 10 million paid subscribers over the past five months. The news comes after Spotify announced last month that it had 140 million active users, and solidified a new deal on royalties for Sony music.
Although Spotify is quite ahead of its largest rival Apple in terms of subscribers, it still has quite a ways to go before it can call what it’s doing a success. While it has generated a lot of revenue during its run, the firm has yet to make a profit. Despite its mounting losses, there have been multiple rumors about the company going public, with or without an IPO.
While music streaming is an important part of the business, Spotify is not going to rest on its laurels, continuously testing and trialing new features that will improve the user experience. It certainly has a good product on its hands, but if history has taught us anything, it’s that things can always change.
Source: Spotify via The Verge | Image via Spotify