Sweden-based startup Spotify has quickly become one of the most popular music streaming platforms of recent times. The service was made available for public use back in 2008 and has since then been dominating the world of music streaming platforms.

The company seems to have now reached a total of 60 million paying for its service, which is not only an exponential growth in a short period of time but is also large enough to defeat the likes of Apple Music. That’s true – with the latest rise, Spotify has managed to become twice as big as Apple Music.

Apple earlier in June this year, had announced that Apple Music has touched the 27 million subscriber mark. Apart from this, Spotify’s unprecedented growth is also looked upon by experts as being one of the fastest gains as the firm in March this year had announced that it had reached the 50 million paying subscribers mark. In other words, the company seems to have experienced a 25 per cent growth in just merely five months.

50 million subscribers

According to BillBard, the Swedish music streaming company unceremoniously updated its ‘About page’ section of its official website from 50 million subscribers (as of March 2017) to 60 million (as of July 2017) but did not make any official announcement regarding this.

Spotify did take to the online social media platforms earlier this year to announce its 50 million paying subscribers mark achievement. However, the same wasn’t done this time. Even though the latest achievement has been confirmed by a Spotify spokeswoman, the latest move still hasn’t changed a thing for Spotify.

The company’s latest yearly earnings were made available and it seems like the firm has made double the loss it had made last year.

Most of the loss is blamed upon the users, many of who still refuse to pay for the online streaming service and the label companies and artists that demand high royalties from Spotify, each time their song has been played by users.

More features to come

In order to change this particular aspect and help in the growth of their economic conditions, the company has tried negotiating with fellow companies in order to reduce their royalties.

The company has even been adding newer and more exciting features to its music streaming platforms such as ‘Group Playlists’ which essentially allows users to share music playlists with other users via Facebook Messenger. Will this help them gain their lost momentum? Only time will tell.