Spotify hits the spot as it closes in on 30m paid subscribers

Digital streaming service Spotify’s latest business update is music to the ears of the Swedish start-up with it closing in on 30m paid subscribers.

The landmark tally comes despite increased competition from the likes of Apple Music, which recently notched up 11m subscribers, following a period of exponential growth.

This has seen the streaming giant increase its user base from 20m subscribers in June 2015 as consumers increasingly embrace the concept of paying for universal access to music rather than purchasing standalone songs.

Spotify’s success comes despite a number of high profile boycotts from big name artists, most recently Adele amidst complaints that the royalties on offer to artists are insufficient.

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John Glenday

John Glenday is responsible for compiling The Drum's daily morning bulletin and ensuring that overnight breaking news is covered while you're still brushing your teeth. Can also make a mean cup of tea.

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