Spotify declared that it has reached 70 million subscribers via a tweet last night [January 4]. Previously, in August 2017, the Swedish company announced it had surpassed 60m subscribers. The news puts Spotify well ahead of Apple Music which, in September 2017, told Billboard that it now counts well over 30 million paying subscribers.
Spotify’s announcement comes on the back of news that the streaming platform is reportedly planning to go public on the New York Stock Exchange in the first quarter of 2018. The confidential documents were filed with the SEC last month.
Spotify’s valuation last month was reported as $19 billion (£14.05 billion). It would be one of the largest consumer tech companies to go public in recent years.
Newly released market figures for the UK and the US in 2017 have revealed how streaming is driving the return to growth in recorded music.
You can read Music Week’s look at Spotify and Apple’s streaming numbers in 2017 and what they mean here.