Spotify is currently experiencing its fastest ever rate of growth after adding an additional nine million paid subscribers in the last five months.
The increase in its userbase averages around 450,000 people every week and, if it continues at the same rate, will see Spotify surpass the 50 million subscriber mark within the next six months.
The latest figures were revealed by Spotify’s global head of creator services, Troy Carter, who confirmed that the service now has more than 39 million subscribers worldwide, up by nine million from the last official number given in March.
Its dominance in the space becomes apparent when compared to Apple Music’s subscriber base, which is reportedly around 16-17 million. Apple’s attempts to overtake Spotify were dealt a blow recently when it emerged that Universal boss Lucian Grainge banned Apple Music exclusive deals amongst his labels because of Spotify’s superior global reach.
The on-demand streaming market has become more competitive than ever with Apple Music and Amazon readying the launch of its own standalone streaming service, however Spotify has had the advantage of being one of the first players in the space having being established in 2006.
Competitors Apple, Google and Amazon have a significant advantage over Spotify however, Apple has its hardware division, Google generates vast sums of revenue from advertising and Amazon is built upon a flourishing e-commerce. Spotify's sole business is streaming content which it doesn’t actually own.
Aware of its vulnerabilities , the streaming giant has upped its focus on advertising and made moves to appeal to musicians with the hire of Lady Gaga’s former manager, Troy Carter, who has been tasked with protect the voices of its artists.