If you thought it was a coincidence that Spotify released new and much improved subscriber numbers directly after the big Apple Music announcement at its World Wide Developer Conference, then you haven’t been paying attention to what many are calling the “Streaming Wars.”
At least in the short term, Spotify is still the market leader in the interactive music streaming space, and the company did its best to put an exclamation point on that fact by providing a lot of new information, strategically waiting a day for the Apple Music furor to die down a bit to steal a little thunder for itself.
At the end of last year, the company touted 60 million total subscribers, with 15 million of them paying the going rate of $9.99. That number far outpaced its closest rival in Deezer, with only 6 million paid subscriptions, and others like Rdio and Tidal that fall below the 1 million mark.
But Spotify’s new user numbers show a striking increase in a short time, with the company announcing it now has 75 million users, of which 20 million are now paid subscribers. This makes the company a major player even when compared to the non-interactive streaming side of things, as Pandora only sports 79 million total users, with the vast majority of those using the free tier.
While user numbers are solid proof of growth, another part of the same announcement may be even more important. The company also reported another round of funding for $526 million, which places its valuation at around $8.53 billion (keep in mind that it has yet to turn a profit).
Among the partners that invested in this round include Swedish telecommunications firm TeliaSonara AB and Abu Dhabi’s sovereign wealth-fund, so there are some deep pockets with a large stake in the company’s success. Read more on Forbes.