Spotify might just be on the verge of success with its paid subscription music streaming service. The Swedish company now has 10 million paid subscribers and 40 million monthly active users in 56 countries.
Spotify has been gaining new paid subscribers steadily over the past few years, proving that users will pay a premium for full access to all of its features. Just a little over a year ago in March 2013, Spotify only had 6 million paid subscribers. That’s a pretty big jump in a short amount of time. Spotify’s sleek new redesign, student discount promotion, and the addition of new music from the world’s most popular artists has helped the music streaming service add more paid subscribers.
Hit artists such as Eminem and Rihanna have helped catapult Spotify into the limelight. Spotify also says that popular songs from new artists are driving growth. Avicii’s song “Wake Me Up” is officially the most frequently streamed song in history. Spotify announced that 1.5 billion playlists have been created so far.
“We’ve had an amazing year, growing from 20 markets to 56 as people from around the world embrace streaming music. Ten million subscribers is an important milestone for both Spotify and the entire music industry,” Spotify CEO and Founder Daniel Ek said in a statement. “We’re widening our lead in the digital music space and will continue to focus on getting everyone in the world to listen to more music.”
Part of Spotify’s appeal lies in its easy customizability. As more users discover the benefit of having unlimited access to songs on and offline, music streaming services like Spotify will continue to grow. It hopes to ensure that the majority of its users become paid subscribers by offering ad-free, offline music streaming to those who are willing to pay $10 a month. Once you’ve finished the trial period with Spotify Premium, it’s tough to go over to the more limited free version. Speculation is rife that should Spotify continue to succeed, it may go public sooner rather than later.
Image via Flickr/Jon Aslund