Spotify hits 70 million subscribers
Spotify announced it’s killing it on the subscriber front. It has 70 million subscribers compared to Apple Music’s 30 million. Last July, Spotify had more than 60 million paid listeners and over 140 million active users.
Spotify announced via Twitter on Thursday (Jan. 4) that the streaming service had hit a new subscription milestone 70 million users.
Hello 70 million subscribers 👏
— Spotify (@Spotify) January 4, 2018
There’s essentially no better time than one day after news leaks about Spotify’s confidential filing to go public to announce a new milestone. Axios broke the news that Spotify filed with the SEC at the end of December.
The news follows reports that Spotify filed confidential IPO documents with the Securities and Exchange Commission last week. It suggests the streaming leader to ready the list of its stock directly onto the New York Stock Exchange in the coming months.
Spotify’s milestone also comes shortly after Wixen Music Publishing hit the music streaming company with a $1.6 billion lawsuit. The suit, filed December 29, alleges copyright infringement, specifically alleging Spotify is using thousands of its songs without a proper license. The lawsuit seeks at least $1.6 billion in damages and injunctive relief.
The swelling membership suggests Spotify, which passed the mark at the end of July, is successfully preserving its wide lead over Apple Music, its next-closest rival. Apple said its service had “well over 30 million paying subscribers” in September.
Apple didn’t immediately respond to a request for comment.
The combined growth reflects a larger shift in the way we pay for music. Rather than buying music outright, like we did in the era of CDs and digital downloads, we’re now paying flat fees for all-you-can-access tunes.
Spotify and Apple Music have emerged as the early leaders. Spotify enjoys a price advantage thanks to its free, ad-supported tier something most rivals lack. Moreover, Apple Music has leaned on heavy marketing and exclusives for hit albums to lure members.
Thursday’s update indicates that Spotify’s membership additions seem to be holding at a pretty steady clip. Membership jumped from 50 million paying accounts to 60 million in about five months, after rising from 40 million to 50 million in about the same amount of time.