It probably goes without saying that Spotify is currently at the top of the hill when it comes to music streaming platforms. Back in 2017, the company boasted 60 million subscribers and just yesterday, they announced that they have managed to hit the 70 million subscriber mark, gaining 10 million subscribers in about half a year which is actually very impressive.
To give some context, Apple Music is probably the second in the list and based on numbers dating back to December 2016, Apple Music had 20 million subscribers. We expect that those numbers will probably be updated at Apple’s next financials which is scheduled to take place next month, but for now it looks like Spotify is well and truly ahead of the competition.
It is possible that the company’s competitive pricing might have helped them achieve those numbers. While Spotify’s monthly subscription is the same as other services, Spotify also offers customers a $99 a year annual subscription, which in the process helps save customers $20 a year in subscription fees.
Interestingly enough despite boasting 70 million subscribers, Apple’s Jimmy Iovine had previously suggested that music streaming platforms aren’t actually making as much money as you might think, and hinted that pure music platforms such as Spotify would probably need to come up with something else to sell in addition to music.