Music service Spotify tweets it now has 50 million paid subscribersCHRISTIAN HARTMANN/REUTERS Spotify announced on Twitter it had reached 50 million paid subscribers. Spotify has reported via Twitter that it now has 50 million paid subscribers, a rise of 25 per cent in less than six months, and extending the music streaming service's lead over its closest rival, Apple Music. Launched in 2008, Spotify had 40 million paid subscribers in September and the company tweeted the 50 million figure on Thursday (Friday NZ Time), the same day messaging app company Snap Inc pulled off its massive share sale that bodes well for other technology companies considering a flotation. But a partner at a leading investor in Spotify, venture capital firm Northzone, said late last year the company could start to become profitable as early as 2017 after years of focusing squarely on "growth, growth, growth". Following its announcement on Thursday (Friday NZT) that it had reached 50 million paid subscribers, Ek made a point of retweeting a comment from Wall Street media analyst Rick Greenfield which pointed to how Spotify was adding subscribers at an increasingly rapid rate.

Source: Stuff March 03, 2017 17:26 UTC