Spotify hits 70 million subscribers

Ahead of going public, Spotify just announced it’s killing it on the subscriber front. As of today, Spotify has 70 million subscribers compared to Apple Music’s 30 million. Last July, Spotify had more than 60 million paid listeners and over 140 million active users.

There’s essentially no better time than one day after news leaks about Spotify’s confidential filing to go public to announce a new milestone. Just yesterday, Axios broke the news that Spotify filed with the SEC at the end of December.

However, TechCrunch’s Katie Roof has heard differently, citing sources who say Spotify is targeting a debut for the first quarter of this year. As Roof notes, there is also talk that it might not be an IPO, but rather a direct listing on the stock market that does not require a fundraising event.

Spotify’s milestone also comes shortly after Wixen Music Publishing hit the music streaming company with a $1.6 billion lawsuit. The suit, filed December 29, alleges copyright infringement, specifically alleging Spotify is using thousands of its songs without a proper license. The lawsuit seeks at least $1.6 billion in damages and injunctive relief.

Featured Image: Antoine Antoniol / Contributor/Getty Images

Published at Thu, 04 Jan 2018 23:54:49 +0000