Spotify dominates the market when it comes to on-demand music streaming, but the Stockholm-based company can’t hold a candle to Apple, right? Or maybe it can. A new report from Music Week claims Spotify already pulls in more revenue than iTunes across Continental Europe. The news represents a larger shift in the way we pay for digital music as well as the simple fact that Spotify has the home field advantage over Apple when it comes to the European market.
According to Kevin Brown, Spotify’s European head of media relations, the company is quickly heading towards 10 million paying listeners in addition to a massive user base that opts for a free ad-supported version. He also notes that the streaming service is rapidly adding users in England, with over 1 million new active listeners signing up in the past four months.
Whether Spotify is actually making more money than Apple off the European market is still unclear. Brown notes that even if iTunes is still leading, it’s only a “matter of time” before Spotify takes the lead. “Some of our partners are saying Spotify is now generating more revenue each month across Continental Europe than iTunes,” he boasts.
Of course, Apple still makes a ton of money off iTunes, and iTunes Radio is already more popular than Spotify in the U.S., but the growing popularity of on-demand streaming could spell trouble for the Cupertino company down the line. Recent reports suggest Apple is scrambling to secure new revenue streams, including an on-demand service of its own and even an iTunes app for Android devices.