Spotify held its first earnings report this week, revealing things are much better than the past few months of bad press have led on. The Swedish streaming giant said it has 170 million monthly users and more importantly, 75 million paid subscribers.
The last time Spotify revealed its paid subscriber base was at the end of the fourth quarter last year in which it boasted 71 million paid subscribers. That signifies a four million subscriber growth over the past few months. Overall, Spotify still easily leads its biggest rival, Apple Music, which recently reached the 40 million paid subscriber mark.
Spotify is anticipating in its earnings outlook that its subscriber base will grow between 79 and 83 million by the end of the next quarter. That pace would keep Apple Music at bay while getting one step closer to reaching the 100 million paid subscribers milestone.
This is very good news for Spotify after being mired in negative press earlier this year. Multiple reports came out stating Apple Music was coming fast at Spotify, predicting that by the end of the summer, it would overtake it in total paid subscribers here in the U.S.
Spotify still has to contend with its major rival having much better streaming numbers with marquee albums. However, for the time being, it is till the most popular streaming service.