Spotify Announces 75 Million Subscribers, Raises $536M in New Funding

Spotify Announces 75 Million Subscribers, Raises $536M in New Funding

Spotify doesn’t want to be forgotten just because Apple will debut its new music service at the end of the month, as it has announced that it has more than 75 million active worldwide users, of which 20 million are paid subscribers.

Spotify Announces 75 Million Subscribers, Raises $536M in New Funding
Image: WSJ


Spotify doubled the 10 million paid subscribers it had through May 2014 in just one year, and has now paid over $3 billion in royalties to artists, songwriters and rights holders, including more than $300 million in the first three months of 2015 alone.

The Wall Street Journal reports that Spotify has also raised $526 million in new funding, in a round that values the company at $8.53 billion. The new infusion of cash should help the service take on Apple Music and its other rivals in the music streaming arena. Spotify will invest the money in expansion, and new forms of content.

The company last month said it has plans to add video programming and podcasts to its content. The programming will come from partners that include ABC, BBC, ESPN, NBC, Comedy Central, Conde Nast, Maker Studios, Turner Broadcasting and Vice Media.

Apple Music will debut on June 30, alongside the public release of iOS 8.4.

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