The popular music streaming service, Spotify, has announced that it now has more than 10 million paid subscribers to its service all over the world.
This milestone is an indication of the fast growth that Spotify is experiencing. Spotify has advertisement sponsored free service and access to millions of songs without any advertisements for up to $10 a month. The company has almost doubled its paying subscribers number because it reported 5 million paid subscribers in December 2012.
Spotify has maintained a ration of 3 free to one paid user and this ration continues because the company also announced that it has reached 40 million subscribers world over.
Rhapsody, Deezer, Rdio and Google Play Music are some of the big competitors of Spotify. The recent news, which is still unconfirmed by either Apple or Beats Audio, that Apple might buy Beats music service and brand for $3.2 billion will add further pressure on Spotify because of increased competition.