The hugely popular streaming service used its Twitter account to announce that 50 million Spotify users now pay for their subscriptions. The news comes after last year's announcement that 100 million monthly active users now get their music fix from the service.

Apple music, by contrast, currently only has 20 million paying subscribers using the platform, and offers no free options as Spotify does. The rivalry brought on by 50 million Spotify users is an outstanding endorsement for the Stockholm-based venture that was launched in 2008.

Growth in the past one year

Last year this time the streaming giant had roughly 30 million paying customers, which means that the record 66% growth over one year has led to the new 50 million Spotify user total. In order to better facilitate the drastic increase in demand, the company has decided to expand its staff contingent.

By the end of 2017, Spotify aims to add an additional 1000 employees, move into the World Trade Centre in New York, and also take a shot at floating stock on the NYSE.

Lossless format for increased quality

Another exciting new feature that paying subscribers will soon be able to enjoy is lossless quality tracks. Are you at a loss as to what lossless means? No problem. A lossless format file (FLAC) preserve's every bit of a file's original data, therefore significantly increasing the quality.

The more common WAV format would be considered lossy because some of the original data is lost in the process of converting the file. The new feature is called Spotify Hi-Fi and will be available at an additional cost to existing subscribers.

Tidal, the streaming service owned by Jay-Z, already offers lossless quality audio and would no longer be the only facility doing so once Spotify launches their version.

Considering that an estimated 431 billion songs were streamed in 2016 by on-demand subscribers like Spotify and Apple Music, it seems the market will only expand in the future. Now that 50 million Spotify users and counting are paying for service, the company finally aims to turn a profit this year.