Spotify reaches 50 million paid subscribers

Spotify said on Thursday (March 2) it has reached 50 million paid subscribers, extending its lead over closest rival, Apple Music.
Spotify said on Thursday (March 2) it has reached 50 million paid subscribers, extending its lead over closest rival, Apple Music.PHOTO: AFP

STOCKHOLM (Reuters) - Spotify said on Thursday it has reached 50 million paid subscribers, growing 25 per cent in less than six months and extending the Swedish music streaming service's lead over its closest rival, Apple Music.

Spotify, which has not yet shown a profit as it spends to grow internationally, is considering a potential United States stock market listing, according to a February TechCrunch report.

The Stockholm-based company announced a major expansion in New York in February.

Spotify, one of Europe's most highly valued venture-backed startups, will move its New York office to the World Trade Center from the Midtown area of Manhattan, adding more than 1,000 new jobs.

Launched in 2008, Spotify had 40 million paid subscribers in September.

Apple, which launched its music service less than two years ago, had about 20 million subscribers in December.

n 2016, Americans used on-demand streaming platforms, such as Spotify, to listen to 431 billion songs, Nielsen said in its United States year-end report.