Spotify the streaming service which has secretly filed for an IPO with American regulators now has 70 million subscribers. The $19b streaming service announced on Twitter yesterday that it now had 70 million subscribers but they didn’t specify how many of those subscribers are paying subscribers.
Spotify is the biggest worldwide music streaming company by subscribers and considers Apple and Amazon.com its fundamental rivals.
Apple in September disclosed to Billboard magazine it has 30 million subscribers of Apple music. Again we don’t know how many of them are paying.
Spotify launched in 2008 while Apple Music launched in 2015 and so you can say Spotify has been there way longer. The main challenge Spotify has had over the years is that of not having exclusivity.
Back in 2016, there were rumours of Apple Music and Jay Z’s Tidal coming together to compete against Spotify. Now both platforms had exclusivity but that didn’t really work out and with reports that Tidal could be bleeding financially, it may never happen.