Spotify is about to have a big year. Earlier in the week it was reported that the company filed paperwork to go public in 2018, and now Spotify says it reached a new all-time high in subscribers.
It’s a sign that, no matter how hard anyone tries, there’s still no impending threat to the music streaming service’s dominance.
Hello 70 million subscribers 👏
— Spotify (@Spotify) January 4, 2018
Spotify announced that it has 70 million subscribers, up from 60 million in July 2017. That’s just six months for the company to add 10 million subscribers to its user base. Others, meanwhile, haven’t been able to experience growth on the same level. Even Apple Music, Spotify’s biggest competitor, isn’t growing nearly as fast.
As of September 2017, Apple Music had over 30 million subscribers after adding 3 million in three months.
While Spotify and Apple Music stand at the top, there is a rise of smaller competitors to keep an eye on. Amazon offers both Prime Music and Music Unlimited, the latter of which was being sold during the holidays for just a few dollars for three months of access. And Google intends to reboot Play Music and YouTube Music sometime in 2018.
Currently the company is valued at $19 billion, and its initial public offering (IPO) is set to occur in the first half of the year.