Spotify beats Apple Music to 100 million paid subscribers

Tobi Ijalana
Swedish audio streaming platform, Spotify, on Monday announced its earnings release, saying that it reached 100 million paid subscribers worldwide for the first time almost twice the figures for Apple Music.
The company saw a 26pc year-on-year growth in monthly active users to 217 million.
According to the Telegraph.co.uk, revenue was boosted 33pc to 1.5bn euros (£1.3bn) as the total number of paying subscribers jumped from 75m the previous year.
Spotify expects its premium members to total between 107m and 110m by the end of June as almost half of Spotify’s paying subscribers are based in Europe, while some are based in North America.

The growth in Spotify’s user base comes as the music and podcast streaming service has undertaken an international expansion plan ranging from the likes of the Middle East and North Africa.
The company has been offering cut-price subscription plans which in February, Spotify was launched in India, expanding its presence globally to 79 countries.
However, earlier this month, Google and Amazon revealed free versions of their music streaming services, to put pressure on Spotify.
Spotify has also looked to expand its offerings by investing heavily in podcast businesses.