Spotify has become a powerful service in the music industry. To prove this, a music streaming company released some figures earlier this month. According to this company there are about 20 million people availing the services of Spotify and about 5 million of these people pay a monthly fee. About one million of these users are from U.S. The service is growing very fast as one million of the paying users joined Spotify in the previous year.An event was organized jointly in London and New York to reveal the new developments of this fastest growing company.
According to the CEO and co-founder of this company named Daniel Ek, the service has grown bigger in this market because of the larger number of U.S. paid subscribers. He further said that “the people are interested to know that how well we are doing in the U.S. market. In a period of 1 year the company has surpassed one million paid subscribers and it has become the fastest growing and biggest subscription service”
The company has got about 1 billion playlists. The company has made many efforts to make this a mainstream company for streaming of music.
Daniel Ek said that their mission is to make the music available to every single man on this planet. The company is trying hard to build a service that lasts for a longer time. He further said that about 70 percent of the gains from the service is paid to the rights holders. The company has paid more than half a billion dollars and since the last 9 months this rate has increased.
He said that the company is generating benefits for the whole system out there. The payment rates by the company also attracted Metallica. Metallica has out their whole catalogue on Spotify. This is the same band which sued Napster.
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