The ever-growing audio platform of Spotify recently hit a giant milestone- 60 million paying subscribers.
The Swedish tech giant only reported its landmark 50 million paying subscribers back in March, which means in the short time of four months Spotify had grown 10 million extra paying supporters. And including its non-paying listeners, the service has a total of over 140 million users.
Spotify is the leading giant in the today’s streaming services, and has no trouble with rival competition Apple Music (27 million paying subscribers) and Jay Z’s very own Tidal streaming platform (with rumours that the company has faked subscriber numbers to keep up with the game).
So why is Spotify so successful?
Looking at things from todays perspective, no one likes to ‘buy’ music. When there are thousands of pirating options online, most young people started off by illegally downloading their favourite tunes. But Spotify has made paying for your music cool again by creating an accessible platform which doesn’t limit its users to one single album that you would regularly pay for.
Compared to iTunes, one single can set you back $2.19, with an album costing upwards of $10.99, usually around $16.99. When you match this to Spotify’s subscription cost of $11.99, this is a much more affordable and accessible option for music lovers, who pay a monthly cost to enjoy an entire platform of music from around the world by different (and most) popular artists.
Spotify really lets you access the world’s music as at the tip of your fingers (except not you, Taylor Swift [who famously left the service after complaining about royalties]). Once a start-up company by two friends living in an apartment, the business has grown to become the world’s largest streaming service and continues to grow its household name.
With streaming now becoming the most common way for people to listen to their music, Spotify is almost the ‘Apple’ of the industry, and has partnered itself perfectly with other huge companies like Facebook and Uber. There may never be another service to rival Spotify, and this is one huge credit to it’s team, founders and passionate followers, who continue to make the application one of today’s huge successors.
New partnerships and technologies are emerging with Spotify, including pairings with labels such as Sony who will create pay walls for access to exclusive albums to Spotify premium users. It’s an interesting time to see how the progress of streaming continues to dominate the music industry, and how royalties, awards and recognition will play a part in the future of streaming music.