The music streaming platform Spotify has recently announced that it already has more than 140 million active users, well above the figure announced by Tim Cook last week for his Apple Music platform, which currently has around 27 million subscribers.
In the official Spotify announcement, Brian Benedik, Vice President and Head of the Monetization Department for the Swedish company, has stated the following about the new achievement:
"Three years ago we launched the free version of Spotify that is based on advertising, and the business has grown rapidly since then, registering a year-on-year growth of 3% in 50."
Specifically, Spotify reached some revenue of $ 3.300 billion last year, as well as a profit of approximately $ 500 million.
Although the amount of Spotify's paying subscribers is at 50 million, we already knew that a large part of the company's income comes from advertising. What is clear is that despite all the efforts that Apple makes to accelerate the growth of Apple MusicNot only is Spotify experiencing steady growth, but some of the previously exclusive artists on the Apple platform have recently decided to return to Spotify, as is the Taylor Swift case.
To continue improving its platform and attracting more users, as well as providing better services to current subscribers, Spotify said it is working to further improve your algorithms.
“We believe that algorithms and machine learning can help us with discovering new music and creating new playlists, and when you have 140 million users around the world it is very difficult to manually create playlists for all of these. persons. So we believe that algorithms and machines can do a more efficient job in this regard. "
For now there are not too many details regarding Spotify's future plans, although it is believed that it could launch an improved version of its Premium subscription that only offers streaming audio in high quality (HiFi).