Spotify now has 50 million paid subscribers, more than double that of its chief rival Apple Music, and significantly more than other services such as Tidal. Despite reaching those record highs, the company still may not turn a profit.
The last time Spotify reported its paid subscriber numbers was around five months ago. Back then the company had 40 million users who were willing to pay the monthly fee in order to enjoy all-you-can-eat music streaming. That means in just five months Spotify has managed to add 10 million users. To put that into perspective, that’s half of the 20 million subscribers that pay for Apple Music, which was reported at the end of last year.
Spotify’s growth has been accelerating as of late, despite new entries into the market attempting to take away market share. It took the company four years to get 10 million paying subscribers, then 13 months to make the jump from 10 million to 20 million, then a further 9 months for 30 million, before it reached 40 million in just six months. Now it has taken five months to reach that next milestone.
Those numbers are likely to continue to grow over the next few months, with Spotify reportedly planning a subscription plan specifically designed for audiophiles. While it hasn’t been confirmed, the so-called Spotify Hi-Fi service will supposedly offer high-resolution music files to those willing to pay a slight upcharge. That should mean not only an increase in subscribers, but also additional revenue which could eventually help the company turn a profit.