Spotify has reached new heights as the platform now serves 50 million paying users. The company offers music in over 60 markets backed with a catalogue of 30 million songs. The figure is far above the competitor stats including Apple Music, which reached the 20 million paid user mark in December.
This is exciting news for Spotify, as the company is looking to hold its impending public offering this year or by early 2018. Sharing its excitement for this achievement, Spotify tweeted,
— Spotify (@Spotify) March 2, 2017
The figures for the music streaming platform have constantly grown with a 30 million mark in March and 40 million ‘Premium’ subscribers in September 2016. This hints towards rising demand for Spotify, and especially music streaming services which are gunning to become the forerunners in music distribution.
Apart from offering a $9.99 paid plan, Spotify also offers time bound free streaming option to their users. The free service generates revenue via ads and offers an option to shift to paid platform after the end of the free trial period. In June 2016, Spotify revealed that the company entertains 100 million registered users inclusive of non-paying users; however, the company didn’t disclose the present estimate.
Spotify currently has its eye set on rival streaming giant SoundCloud and has considered acquiring the platform numerous times. The latter recently extended its subscription offering with a mid-tier ‘Go’ plan to attract more users. The platform expects to secure an edge in the market with the latest budget service which offers ad-free and offline streaming for a mere charge of $4.99/month. SoundCloud initiated the service only a couple of days ago and is counting on the plan’s popularity.
With the incline in users, Spotify is now also looking forward to introducing a Hi-Fi music tier to compete with the likes of Tidal and Apple Music. The service will cost additional $5 a month figuring up to $14.99 overall and will offer lossless CD-quality audio to users. It is expected to host similarities to Jay-Z-owned streaming platform Tidal, which crossed the three million mark last March.