Spotify hits nearly 125 million subscribers, acquires major podcast company

Spotify cemented its top spot in the streaming music service industry after an incredible 2019. The company reported earlier today that it hit 124 million Premium subscribers at the end of last year, up 29% from 2018. This is the highest net add quarter Spotify ever had, and the fastest ever added 10 million subscribers in the history of the service.

In comparison, Apple Music confirmed back in June it had 60 million subscribers, while Amazon Music reached more than 55 million customers globally by the end of 2019. It's worth noting that while 124 million people pay for Spotify, no less than 271 million people are currently using the service, up 31% from 2018.

Meanwhile, Spotify announced it has decided to acquire The Ringer, one of the biggest sports and pop culture news organization, as an effort to further develop its podcast business. Spotify claims in its financial results statement that it continues to see “exponential growth in podcast consumption.”

The deal is expected to close before April, but neither Spotify nor The Ringer disclosed the amount that would be paid for the website founded four years ago by sports commentator Bill Simmons.