Spotify's paying subscribers reaches 108m

Spotify's paying subscribers reaches 108m

A new financial update released on July 31 by Spotify confirmed that the company's premium subs count was up 31% year on year (on the same three months, to end of June, in 2018) – but below the midpoint of its guidance range of 107-110m.

The 108m figure represents a climb of 8m on the 100m subscribers Spotify attracted in the prior quarter of this year.

Last month, Apple revealed that Spotify rival Apple Music had recently passed the milestone of 60m paying subscribers, though this figure included free trialists.

Also, Spotify noted to investors: “We have reached agreement with two of our four major label partners on the renewal of our global sound recording licenses, and are in active discussions with the other two. This is the sixth round of label negotiations we’ve worked through in our thirteen year history and, while it is typically a long drawn-out process, it has become part of the normal cadence of the business”.