he number of paying Spotify subscribers has grown to ten million globally driven by mobile usage — noting a major landmark number for the music industry as it looks to monthly streaming services as the future of the business.
Yet it is the rate of growth in the music business’ No. 1 market in the United States that is most pleasing to industry insiders. According to sources familiar with the company’s data, Spotify has grown to more than 3 million paying subscribers in less than three years since launching here in July 2011.
The last time Spotify revealed user numbers in March 2013, it had 6 million paying subscribers globally. A key part of Spotify’s strategy is to offer free access to various levels of its service. It now has more than 40 million monthly active users including the 10 million paying subs – one in four.
“This shows that our conversion rate is working,” says chief executive Daniel Ek. “We’re proving the more people play, the more they’ll pay.”