On July 31, Spotify updated its subscriber information, putting its number of paying users at more than 60 million. As mundane as it might sound to some, this is extremely significant news, as it means 10 million subscribers have come on board since March. As of June, the London, England-based company said it has 140 million total users.
Seeing as the last time Spotify released subscriber numbers was last month, it’s fair to say that quite a bit has changed for the company. Most notably, Spotify reached licensing agreements with Sony and Universal Music Group. Under the terms of these deals, label artists will have the option to keep their music off Spotify’s free section for a certain time frame, while Spotify gets a breather from royalty payments.
Again, this news is significant, for more reasons than one. For instance, these numbers will help make the company twice as big – in regards to subscriber growth – as Apple Music, which announced in June that it had 27 million paying subscribers.
Additionally, it’s important to note that the streaming service is expected to go public before the end of 2017.
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