It’s difficult to deny streaming’s importance to the music business. Just last week, REVOLT reported on some waves being made on the streaming front. Spotify, the undisputed leader in the streaming realm, has announced a new milestone.
The Swedish streaming service currently has 60 million people paying a monthly fee for access to its extensive catalogue of music. In the last year alone, Spotify has gained around 20 million new paying customers. This brings total usership to 160 million, which includes paying customers and those who use Spotify’s free tier. This is a huge win for the company, who only two years ago, unveiled that it had at the time garnered 15 million paid subscribers.
Spotify currently has licensing agreements in place with Universal Music and Sony Music, and is in talks to negotiate a deal Warner Music. It is said that the streaming leader is aiming to lock in a deal with the music group that houses Atlantic Records, Warner Bros. and Parlophone under its umbrella, so that it can move forward with its plans to go public by the end of 2017. Spotify is estimated to be worth more than $10 billion.
As Spotify’s reach has continued to grow, so has the steaming industry as a whole. Apple Music, Tidal and Amazon Music have also experienced an increase in listeners willing to pay for streaming subscriptions in recent years.