News - 07/12/2012

Spotify reaches 5m subscribers and closes deal with Metallica

Spotify reaches 5m subscribers and closes deal with Metallica

In a press conference held in New York, Spotify's founder and CEO Daniel Ek revealed that his platform for streaming music on-demand can now count on more than five million paying subscribers globally, with over 20 million active users in total.

According to Ek, moreover, Spotify has paid out more than $500m in music royalties since launching in 2008.

"We're the biggest subscription music service in the US", Ek explained, "but also the fastest growing one. We've accomplished in one year what it took others a decade to do. Spotify pays back nearly 70% of all the money that we get in to rights holders. We've now paid out more than half a billion dollars, and that's doubled in the last nine months".

During the same press event, Ek confirmed that Metallica's music is now on Spotify; the band's drummer, Lars Ulrich, joined Ek in front of journalists and explained the birth of this partnership that is making all of Metallica's music available to Spotify's users.




 

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