Spotify are continuing with their rapid growth. From 2023, until now, they have grown from 24 million monthly active users to 40 million. Not only that, but they’re now sitting on 10 million paid subscribers too.
Spotify has announced they have more than 10 million subscribers paying for their premium service. Not only that, but they have more than 40 million monthly active users. This information has been shared in a recent update by the streaming store.
The update wasn’t expected because the store aren’t required to inform anyone about their latest figures, however, Spotify have made it clear they aim to be as transparent as possible. Therefore, sharing their latest subscriber numbers isn’t completely unusual.
The music giants first launched their platform in 2008. It began as a Swedish startup and since has grown rapidly. They’ve had many investors along the way and have been known to put all their profits back into the company for growth and expansion.
By the 15th September 2010, Spotify had around 10 million users, and 2.5 million of these were paying for the service. In just 2 years, that’s an incredible amount of growth. By 2012, they were at 20 million users and 5 million of these were paying each month.
We haven’t seen any updated figures since March 2023. At that time, Spotify were sat at 6 million users paying for premium accounts, and 24 million users actively streaming via their service. So how have they jumped to 10 million paying users, and 40 million active users?
Spotify expands into new markets
Well, it seems a large portion of this growth is due to their rapid expansion into new markets. With Spotify continuing to target new areas and work on improving their current service, it isn’t hard to see how they’re managing to gain new support.
In just one year, Spotify have more than doubled the number of markets where users can access it. This brings them to 56 markets across the world. Spotify has worked with other huge companies such as Coca-Cola to market themselves to new regions.
For the first time ever in Singapore, digital music sales are higher than CDs and records. This was down to a decrease in physical music sales rather than a huge spike in digital sales. However, you could argue people aren’t needing physical sales because of streaming stores.
Sales of physical music items such as CDs and records dropped by 44%, while digital music sales grew by 28%. This information was sourced from the International Federation of the Phonographic Industry (IFPI).
This data presented shows Spotify were correct in their decision to tackle new markets. While they couldn’t be certain each country would take to the service, they took a risk which massively paid off. Now, other streaming stores will likely want to follow this example.
