There is a lot of competition in the on-demand music streaming market. At one hand you have established players like Spotify and Rdio who have been around for a few years and already have millions of paying subscribers. On the other there’s the new kid on the block, look no further than Beats Music, which only has a couple of hundred thousand paying subscribers yet has reportedly attracted Apple’s attention. Spotify extends it lead over the pack as it announced today that the service now has 10 million paying subscribers.
To put things in perspective, Rdio had nearly six million subscribers paying for the service as of late 2013. It is regularly billed as one of Spotify’s truest competitors and while it may have snagged up more subscribers since then, Spotify is clearly the one that has reached this milestone first.
The company also revealed that it now has over 40 million active users in 56 markets around the globe. Spotify’s total subscriber base is now double than what it used to be back in late 2012. It has also managed to double the paying subscriber base in just under a year and a half.
Spotify has to keep working hard to ensure that it doesn’t lose this momentum. Its competitors are avidly pushing into new markets to get more subscribers on board. Even though it has the widest reach among its rivals, Spotify needs to keep expanding to ensure that it stays out in front.