Spotify, a Stockholm based leading digital streaming platform has reached 100 million paid subscriptions as announced on Monday.
The music streaming giant made its way into Indian market with huge expectations but was turned down with slight slump as its profit margins narrowed in the subcontinent. The reason for the slump could be because the Indian market is investing in podcasts extensively.
Releasing its first quarter report Spotify said it has 217 million users across the world and that at least 100 million were paid users. The music streaming platform was recently launched in India, Middle East and North Africa.
The closest and main rival of Spotify is Apple Music with 50 million paid subscriptions across the world. Apple music is available only on paid subscriptions unlike Spotify which offers free plans that includes advertisements.
As the two companies compete for more listeners in the Indian market, Spotify made remarkable strides crossing 1 million users in a week’s time. The entry of Spotify was on the cards for a long time now and finally arrived in India in February.
Amazon.com Inc has also made new strides into the industry.
Addressing the media, Spotify Chief Executive Officer Daniel Ek said on a conference call after releasing the quarterly reports said “Competition is not a big factor for us, it’s really all about growth. And we have been growing 30 per cent every year.”
Its subscriptions rose from 207 million at the end of 2018 to 217 million and the paid ones rose from 96 million last year end to 100 million by the end of current quarter.