Spotify has achieved a significant milestone in its push to build its subscriber base with news that it has crossed the 50 million paid subscriber mark following growth of 25% in just six months.
The latest figures cement the music streaming service’s dominance in the sector with an audience far greater than its nearest rival, Apple Music, fueling speculation that it may be tempted to pursue a flotation on the stock market.
Spotify’s breakneck growth stems from its decision to forego profits in the short-term in favour building up a critical mass in international markets, elevating it to become one of Europe’s valued venture-backed start-ups.
This approach has been backed by innovative marketing campaigns including an online video push which cleverly poked fun at the bizarre playlists created by members.
Spotify launched in 2014 and had as few as 40 million subscribers as recently as September.