Spotify Now Has 60 Million Paid Subscribers
Spotify now has 60 million paying subscribers, adding 10 million subscribers in less than five months, a spokeswoman for the music streaming company said on Monday, expanding its lead in the fast-growing world of music streaming.
The news came quietly via the streaming service's About page, where a bullet point simply read “Over 60 million (as of July 2017).”
The music streaming company is expected to go public sometime later this year, and it looks like the company has reached a new milestone as it has just updated its subscriber information that it now has more than 60 million paying users. As of last month, Spotify said it had 140 million total users.
Spotify, which recently selected financial advisers to explore a direct listing on the New York Stock Exchange, said in June that its operating loss widened in 2016 but revenue rose significantly.
Spotify’s most recent yearly financials showed its losses doubling to $581 million on revenues of $3 billion in 2016, up from $2 billion the year before.
In March, the company reported it had 50 million paying subscribers, a rise of 25 percent in less than six months, extending the music streaming service's lead over its closest rival, Apple Music.
The non-announcement stands in clear contrast, when the streaming service hit 50 million and took to Twitter to say, "Thank you to our 50 million subscribers #Spotify50," with a slew of celebrities adding their congratulations on social media.
Spotify has been busy these past several months. Earlier this month, the music streaming service has reached a licensing agreement with Sony Music.
Although details of the deal were not made public, it’s assumed to be the same agreement that the company had with Universal Music Group. The only major music label that Spotify hasn’t reached a deal with is Warner Music Group.