Spotify Has 10 Million Subscribers
Spotify says it has 10 million paying subscribers, up from 6 million in March of last year.
The streaming music service also says it has more than 40 million active users in 56 markets around the world.
The new numbers aren’t a surprise. Earlier this year, Spotify executives were telling people at music industry gatherings that they had hit 9 million paying subs, who pay around $10 a month for access to all the music they can stream. And, last month, the Guardian reported that the company was closing in on 10 million.
Spotify, which has yet to turn a profit, would like many more subscribers. And CEO Daniel Ek acknowledges that the service has yet to break through to mainstream audiences in many markets, including the United States.
That’s why Spotify has launched initiatives designed to increase its exposure, including a plan to offer free music via a mobile phone app and a linkup with Sprint, which is going to bundle the service with its wireless plans.
Spotify’s numbers do place it well beyond the rest of its competitors, including Deezer, Google and Rdio. The entire subscription music industry has grown rapidly in recent years, and is now generating more than $1 billion annually.
Next up: Apple, which is expected to enter the category after it finishes its acquisition of Beats Electronics and its Beats Music subsidiary.