As one of the most popular music streaming services in the world, Spotify’s subscriber numbers are closely watched, and in the face of mounting competition the company continues to reveal figures that show it’s growing nicely. A couple of months ago Spotify announced that it has more than 100 million users with 30 million of them paying for its premium service. Spotify today announced that the number of paying subscribers has now crossed 40 million.

Like most music streaming services, Spotify charges $10 per month for access to a massive library of songs and the ability to skip tracks as well as some additional features.

Apple Music remains one of its biggest competitors in this arena and it’s one that’s rapidly growing as well. Apple launched its music streaming service last year and it already has more than 13 million paid subscribers. The company even launched a yearly subscription gift card that actually undercuts Spotify on price for a 12-month subscription.

Spotify is likely to come under more pressure in the near future as both Amazon and Pandora are expected to launch $5 music streaming services as they aim to effectively compete against the likes of Apple Music and Spotify.

It’s certainly going to be an interesting battle between these companies.

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