Spotify now has more than 40 Million Paying Subscribers

The world of streaming is showing signs of exponential growth. Over the last couple of years, more people have started streaming more and more content online. This is directly linked to the amazing capabilities of the now readily available Fiber internet connections and the super fast 3g and 4g mobile networks.

Spotify announced on Wednesday that it had surpassed 40 million paying subscribers, consolidating its position as world leader. Other streaming services like YouTube, Netflix, Soundcloud and Apple Music are also being used regularly by viewers and listners across the globe.

In a quick tweet celebration, the company’s co-founder Daniel Ek tweeted “40 is the new 30. Million,”

The number is a 33-percent increase from March, when it had 30 million, putting it far ahead of its closest rival Apple Music which had some 15 million paying subscribers in June.

At the end of June, Spotify said it had more than 100 million active monthly users, including both those who use the free ad-based service and the premium paying one.

Music streaming has taken off worldwide this year, with the number of streams more than doubling in the first six months of the year compared to the same period a year earlier, according to trade specialists BuzzAngle Music. In the United States, the biggest market, there were 114 billion streams in the first half of 2016, exceeding for the first time the number of videos watched.

Spotify is now present in 59 countries. It plans to be the biggest steaming service on the globe.  But it has yet to post an annual profit, spending most of its revenue on compensating artists and rights-holders. This means that while it is a great service, and has an amazing userbase, it is still trying to consolidate all its assets and begin turning in a profit.

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