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Latest update on Spotify: 50 million paid subscribers for the music streamer

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Latest update on Spotify: 50 million paid subscribers for the music streamer
We finally have some new numbers for Spotify. The streaming music service, which is forecast to turn a profit this year for the first time ever, now has 50 million paid subscribers. Back in September, the streamer had 40 million users. That means that the number of paid subscribers has soared 25% in the last six months. Spotify has extended its lead over Apple Music, which has 20 million paid subscribers. Overall, 431 billion songs were streamed last year by "on-demand" subscribers like Spotify and Apple Music,  according to Nielsen.

Spotify did not reveal the total number of users it has. Besides the monthly paid premium service it offers, Spotify has a free tier that is supported by advertisements. The premium service is free for 30-days and is $9.99 a month after that. The advantages to the paid service include unlimited skips and the ability to play tunes offline. Premium subscribers can also play any track, and hear the stream in high quality. Students pay $4.99 a month and a family of up to 6 pays $14.99. Apple Music gives out a one time three-month free trial to subscribers. After that, the service is priced exactly the same as Spotify's at $9.99 a month, $4.99 for a student and $14.99 for a family of up to 6 members.

Based in Stockholm, Spotify is in the midst of a major New York expansion. The company is adding 1,000 jobs as it moves from Midtown Manhattan to the new World Trade Center. The company has been considering going public, and has to be heartened by the successful IPO achieved by Snap. The parent company of Snapchat saw its shares soar 44% on its first trading day.

source: Reuters

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