Spotify now has 10 million paying users

Last updated 10:40 22/05/2014

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Online music streaming service Spotify says its global paid subscriber base has swelled to 10 million as speculation mounts the Swedish start-up could be gunning for a share listing.

Spotify, which has since 2008 paid out over US$1 billion (NZ$1.15 billion) dollars to rights holders, has benefited from soaring demand for streamed music.

"We've had an amazing year, growing from 20 markets to 56 as people from around the world embrace streaming music. 10 million subscribers is an important milestone for both Spotify and the entire music industry," said Daniel Ek, CEO and founder.

"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."

It saw its paid subscriber base jump from a previous 6 million, as reported on its website, thanks to strong demand for songs from the likes of Eminem - the music service's most-streamed artist of all time - and Rihanna, its most-streamed female artist.

Avicii's hit song Wake Me Up is its most streamed song of all time.

Strong investor sentiment and buoyant tech shares have fuelled speculation by bankers and industry players about a possible listing of the firm which raised US$250 million in a funding round in November, making it one of the world's most richly capitalised start-ups.

It now has more than 40 million active users in 56 markets, up from a previous 24 million.

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- Reuters

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