Spotify Hits 60 Million Paid Subscribers Ahead of Going Public
As it prepares to go public, Spotify has reached 60 million paid subscribers, reports TechCrunch. The 60 million mark comes nearly five months after the company announced its 50 million paid subscriber milestone in March.
When adding in customers who listen to the free ad-supported tier, Spotify has more than 140 million subscribers worldwide. Comparatively, Apple Music now boasts 27 million paying subscribers, a number Apple shared at its Worldwide Developers Conference in June.
Since its 2015 debut, Apple Music has been growing steadily by luring customers with exclusive album releases, concerts, and original television programming, but it does not offer a free tier like Spotify. Apple Music subscriptions start at $9.99 per month after a three-month free trial.
Spotify paid subscriptions are also priced at $9.99 per month, and in 2016, Spotify's revenue grew over 50 percent to $3.3 billion.
In the near future, Spotify plans to go public through a direct listing, forgoing the traditional initial public offering and making existing Spotify shares available to the public. With this method, likened to an elopement instead of a full-on wedding, Spotify avoids the fanfare of an IPO and does not have to hire an underwriter. Spotify is expected to initiate its direct listing in 2018.