Mar 04, 2017 08:45 PM EST

Spotify Officially Reaches 50 Million Paying Subscribers

Good news for the music industry, Spotify officially reaches 50 million paying subscribers. This makes the company the largest player for those people who are willing to pay, in order to listen to good music. And now, it gives Spotify a big lead over their top rival, Apple Music.

The Swedish streaming music service took to social media to announce the great news. In their official Twitter account, they thank their 50 million subscribers.

According to Forbes, it is quite impressive how fast the company is able to collect new users. Back in September 2016, Spotify shares that they have 40 million paying users. And in just a couple of months, it was able to add 10 million new “Premium” users. The number of new users willing to pay for streaming music is really massive. The growth rate is consistent, and it is such a good thing for the company. By having a lot of paying customers, Spotify will be able to pitch for more investors.

Spotify’s standard rate is $9.99 a month, but it also offers promotions and discounts. Aside from that, they also have a more limited free option and it monetizes through advertisements. The majority of Spotify users opt for the free and ad-supported tier. It is part of the company’s main goal to convert those users to “Premium” subscribers.

June of last year, Spotify revealed that they have reached a total of 100 million registered user, both for paying and non-paying users. However, there is no update yet for its recent figures.

CNBC reports about Spotify’s expansion in New York. They will move their New York office to the World Trade Center from the Midtown area of Manhattan. Given that, more than 1,000 new jobs will soon be available.

Meanwhile, Jobs & Hire reported that Apple’s new TV show, “Planet of the Apps” just released its first trailer. The show will feature entrepreneurs as well as iOs app developers pitching their new apps ideas to celebrity judges.

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