Spotify announces 20 million paid subscribers
Apple Music will be one of Spotify’s biggest competitors when it debuts at the end of June, and the established streaming service took little time after Apple’s announcement to make it known that the company is doing just fine.
Spotify announced in a blog post on Wednesday that it now reaches more than 20 million subscribers and 75 million active users. These numbers give it quite a head start on Apple Music, as The Verge and other tech blogs point out. Spotify notes that last year, at the end of May 2014, it had 10 million paying subscribers and 40 million users, making 2014-2015 a tremendous year of growth.
Spotify also promised that artists, songwriters and rights holders will see more royalties as their numbers grow, noting that they have now paid more than $3 billion in royalties. “That’s good for music, good for music fans… and good for music makers,” the blog post reads.
Announcing these numbers may seem like a play to get back in users’ good graces, since stars like Taylor Swift, who pulled her catalog from the service last year, have spoken out about the way Spotify pays artists.
In addition to Spotify’s internal announcement, the Wall Street Journal reported on Wednesday that Spotify just closed a $526 million funding round, which means the company is now valued at $8.53 billion. (That’s double than Pandora Media.) It also has plans to open its services to podcasts and video streaming.
All this new information certainly puts the Spotify CEO Daniel Ek’s deleted tweet into perspective.