Spotify music service hits 6 million paid subscriptions

Keeping the stream alive

Spotify, the Swedish music-streaming service, has announced it now hosts six million paid subscribers

Spotify was founded back in 2006 and has emerged as the dominant music streaming service on the internet. A status that has been cemented this week as the company announced it now hosts six million paying subscribers.

The Stockholm-based company is also playing out to 24 million active users who have signed up to its free version across 20 different countries. And, thanks to the inclusion of audio ads between tunes, the service can still make money from these free users.

Key to the growth of the company is the US, where it launched in 2011 and, thanks to a partnership with Facebook - expanded rapidly. But it's also facing mounting competition from the likes of Soundcloud, Rdio and Pandora.

Other tech companies are getting in on the streaming action too, with YouTube expected to launch its own service and even a couple of rumours floating around that Apple might get in on the action.

Regardless, we here at T3 Towers would be lost without our Spotify premium subscriptions and it doesn't look like we're alone. The Swedish company has added one million paying subscribers since last January.

Source: Cnet