Some prominent musicians don't like Spotify at all. Winning over musician sceptics in the musician So Spotify may look good money for its mooted $4bn valuation in the wake of Wednesday’s figures, but it faces several key challenges to its business in the months and years ahead:ġ. Meanwhile, YouTube is also expected to launch a subscription music service in the near future, although it is already the biggest online source of free streaming music. Its iTunes Radio service – which streams personalised “stations” but does not allow users to choose individual songs unlike Spotify – is already available in the US and Australia with more countries, including the UK, expected to follow later this year. Apple’s streaming music ambitions represent one of the biggest challenges to Spotify. Beats Music’s owner, headphones firm Beats Electronic, is close to being acquired by Apple for $3.2bn (£1.9bn). Beats Music in the US is not bigger – it launched in January – but its likely new parent is a problem.
Its rivals in the streaming music market include Deezer, which has 12 million active users and 5 million paying subscribers, and Rhapsody, which has 1.7 million paying subscribers around the world, split between its Rhapsody and Napster brands.īut it is the bigger rivals, which have noted Spotify’s success, that pose the main threat. The service now has a clear lead ahead of fellow music upstarts. Spotify also announced that its users have created 1.5bn music playlists that Avicii’s Wake Me Up is its most-streamed song with 235m plays and that David Guetta is its most-followed artist, with 5m fans subscribed to his updates on the service.
We’re widening our lead in the digital music space and will continue to focus on getting everyone in the world to listen to more music.” “Ten million subscribers is an important milestone for both Spotify and the entire music industry. “We’ve had an amazing year, growing from 20 markets to 56 as people from around the world embrace streaming music,” said chief executive Daniel Ek in a statement. The company has leapt from 24 million active users and 6 million paying subscribers in March last year and is the world’s biggest music subscription service. Despite its detractors, Spotify’s growth confirms that the music-listening public likes the model of paying a monthly subscription – of £10, $10 or €10 – for unlimited access to tens of millions of tracks.
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