Spotify subscriber numbers continue to grow, as they rose 29% year-on-year during the fourth quarter of 2019.
The music and podcast streaming service now has 124 million premium subscribers, compared to Apple Music’s last reported 60 million subscribers.
Spotify expects to see its premium subscriber numbers hit somewhere in the 126 million to 131 million range. A Reuters report says podcasts are contributing to the skyrocketing numbers.
Also contributing to the increase – the several promos the service has offered, resulting in many subscribers that are either paying nothing or a heavily discounted subscription rate.
Spotify ran several promotional campaigns in the quarter, including one with “3 months on us” intro offer for new users, and a win-back offer for returning customers.
As for podcasts, Vox reports the streaming service has acquired a fourth podcast company.
Spotify is making yet another big budget purchase aimed at getting a lead in the growing podcast industry: The streaming music company has agreed to a deal to purchase The Ringer, the podcast-centric media company run and owned by Bill Simmons.
Spotify intends to hire Simmons and all of his approximately 90 employees. Most of those employees work on The Ringers’ website, which covers sports and culture, and Spotify intends to keep the site up and running.
But what Spotify really wants out of the deal is Simmons’ ability to create podcasts, including his Bill Simmons Podcast, and some 30 other titles, which range from an NBA chat show to one devoted to rewatching old movies.