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Spotify Hits 60 Million Paid Subscribers Ahead of Going Public

As it prepares to go public, Spotify has reached 60 million paid subscribers, reports TechCrunch (https://techcrunch.com/2017/07/31/spotify-vs-apple-music/). The 60 million mark comes nearly five months after the company announced its 50 million paid subscriber milestone (https://www.macrumors.com/2017/03/02/spotify-hits-50m-user-milestone/) in March.





When adding in customers who listen to the free ad-supported tier, Spotify has more than 140 million subscribers (https://www.macrumors.com/2017/06/15/spotify-140-million-subscribers/) worldwide. Comparatively, Apple Music now boasts 27 million paying subscribers, a number Apple shared at its Worldwide Developers Conference (https://www.macrumors.com/roundup/wwdc/) in June.





<img src="(http://cdn.macrumors.com/article-new/2017/07/spotify-logo-800x285.jpg)" alt="" width="800" height="285" class="aligncenter size-large wp-image-577415" />


Since its 2015 debut, Apple Music has been growing steadily by luring customers with exclusive album releases, concerts, and original television programming, but it does not offer a free tier like Spotify. Apple Music subscriptions start at $9.99 per month after a three-month free trial.





Spotify paid subscriptions are also priced at $9.99 per month, and in 2016, Spotify's revenue grew over 50 percent (https://www.recode.net/2017/6/15/15807382/spotify-revenue-2016-financials-guarantee-payment-universal-merlin) to $3.3 billion.





In the near future, Spotify plans to go public through a direct listing (https://www.cnbc.com/2017/05/12/spotify-direct-listing-on-nyse-in-2017-or-early-2018-sources.html), forgoing the traditional initial public offering and making existing Spotify shares available to the public. With this method, likened to (http://fortune.com/2017/04/07/spotify-ipo-direct-listing/) an elopement instead of a full-on wedding, Spotify avoids the fanfare of an IPO and does not have to hire an underwriter. Spotify is expected to initiate its direct listing in 2018.

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Source: Spotify Hits 60 Million Paid Subscribers Ahead of Going Public (https://www.macrumors.com/2017/07/31/spotify-60-million-paid-subscribers/)