Spotify is continuing its dominance in the music streaming world as it nears going public.
In the latest figures, Spotify cracked 60 million subscribers, amassing a whopping 20 million of those in the past year alone. Apple Music, its biggest competition, has 27 million. That means Spotify nearly garnered as many subscribers over the past year as Apple Music has in total.
Given Apple Music has only been around for two years, its growth and subscriber base in impressive. But Apple has pushed a lot of resources to the service and it is still not closing the gap with Spotify—in fact, it’s getting larger.
The main selling point with Spotify has not only been its terrific service, which has some of the best playlists around (including the fantastic Discover Weekly), but it is also cross platform. You can download Apple Music on Android, but Spotify is also present in Google Home and Amazon Echo—home speaker systems perfect for streaming music. Apple Music doesn’t offer the same functionality with these products as Spotify. Apple’s answer to this is its own speaker, the HomePod, but that won’t arrive until later this year.
Spotify is going public but without an IPO with a direct listing. This means the streaming giant will miss out on millions during an evaluation period. That doesn’t mean Spotify can’t have a second offering to raise cash, but that would come at a later date.
For now, Spotify is still the leader in music streaming while Apple Music coming far behind in second place.